Ripple (XRP) Price Facing Significant Resistance, Time To Sell?
- Ripple price is currently struggling to surpass the $0.2560 and $0.2600 levels against the US dollar.
- The price is likely to decline unless there is a clear break above the $0.2600 resistance.
- This week’s major bearish trend line is active with resistance near $0.2575 on the hourly chart of the XRP/USD pair (data source from Kraken).
- A clear break below the $0.2500 support might start another decrease in the near term.
Ripple price is facing a lot of key hurdles against the US Dollar and bitcoin. XRP price is likely to struggle near $0.2600 and it could resume its decline.
Ripple Price Analysis
After forming a support near the $0.2420 level, ripple started an upside correction against the US Dollar. XRP/USD recovered above the $0.2500 resistance area and even climbed above $0.2560.
However, the price failed to gain strength above the $0.2600 resistance and the 100 hourly simple moving average. A high was formed near $0.2585 and the price recently trimmed its recent gains.
It declined below the $0.2500 level and tested the $0.2480 support. A low was formed near $0.2478 and the price seems to be trading in a range. Moreover, it broke the 23.6% Fib retracement level of the recent decline from the $0.2585 high to $0.2478 low.
On the upside, the price is facing a lot of hurdles near the $0.2520 and $0.2560 levels. An immediate resistance is near the $0.2520 level. Besides, the 50% Fib retracement level of the recent decline from the $0.2585 high to $0.2478 low is near the $0.2532 level.
The next key resistance is near the $0.2545 level and the 100 hourly simple moving average. More importantly, this week’s major bearish trend line is active with resistance near $0.2575 on the hourly chart of the XRP/USD pair.
Therefore, the price is likely to struggle near the $0.2545 and $0.2560 levels. The main resistance is still near the $0.2600 area, above which the price is likely to start a strong rise towards $0.2750 or even $0.2820.
On the downside, an initial support is near the $0.2480 level. If the price fails to stay above $0.2480, it could continue to move down towards the $0.2420 support area.
Ripple Price
Looking at the chart, ripple price is clearly facing a lot of hurdles on the upside near $0.2560 and $0.2600. As long as there is no close above $0.2600, the bears remain in control.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and is just below the 50 level.
Major Support Levels – $0.2480, $0.2420 and $0.2400.
Major Resistance Levels – $0.2545, $0.2560 and $0.2600.
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Aayush Jindal, Khareem Sudlow
