Ripple (XRP) Price Rebounding Nicely While BTC & ETH Continue To Struggle
- Ripple price is currently correcting higher after a sharp decline to $0.2500 against the US dollar.
- The price is showing positive signs and is trading nicely above the $0.2720 level.
- Yesterday’s highlighted key bearish trend is active with resistance near $0.2780 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct higher towards the main $0.2850 and $0.2880 resistance levels in the near term.
Ripple price is correcting higher nicely above $0.2700 against the US Dollar, while bitcoin and Ethereum are struggling. XRP price could face strong resistance near $0.2850.
Ripple Price Analysis
Yesterday, we saw a significant decline in ripple below the $0.2850 support area against the US Dollar. Moreover, there was a close below $0.2800 and the 100 hourly simple moving average.
It opened the doors for more losses and the price declined below $0.2720 and $0.2650. Finally, the price traded towards the $0.2500 support area and formed a new monthly low near the $0.2470 level.
Later, it started a strong recovery and climbed above the $0.2600 resistance area. Additionally, there was a break above the 50% Fib retracement level of the downward move from the $0.3032 high to $0.2470 low. The price is now showing positive signs above the $0.2700 resistance.
More importantly, the price is likely to clear yesterday’s highlighted key bearish trend with resistance near $0.2780 on the hourly chart. If there is a successful close above the trend line and $0.2800, the price could continue to recover in the near term.
However, there is a major hurdle for ripple on the upside waiting near the $0.2850 level (the previous support), coinciding with the 100 hourly SMA. An intermediate resistance is near the 61.8% Fib retracement level of the downward move from the $0.3032 high to $0.2470 low.
If there is a clear break above the $0.2850 resistance, the price could turn bullish. The next stop for the bulls may perhaps be near the $0.3000 area.
Conversely, if the price fails to correct above $0.2800 and $0.2850, it could start a fresh decline. An immediate support is near the $0.2720 level. The main support is now near $0.2650, below which the price is likely to slide towards $0.2550.
Looking at the chart, ripple price seems to be trading with a positive bias and it is likely to break the $0.2800 resistance. Having said that, the price is likely to struggle near the $0.2850 resistance.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is likely to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is back above the 50 level.
Major Support Levels – $0.2720, $0.2650 and $0.2550.
Major Resistance Levels – $0.2800, $0.2820 and $0.2850.
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Aayush Jindal, Khareem Sudlow