Ripple (XRP) Price Continues To Probe Key Supports

  • Ripple price is struggling to stay above the $ 0.2180 support area against the US dollar.
  • The price is likely to face resistance near the $ 0.2230 and $ 0.2240 levels.
  • Yesterday’s key bearish trend line is intact with resistance near $ 0.2230 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum also seems to be facing a strong resistance near the $ 150 and $ 152 levels.

Ripple price is facing an uphill task against the US Dollar and bitcoin. XRP price must settle above $ 0.2250 to continue higher in the coming sessions.

Ripple Price Analysis

After a fresh decline, ripple found support above the $ 0.2180 level against the US Dollar. As a result, XRP price started an upside correction above the $ 0.2220 level.

However, the price struggled to gain bullish momentum above the $ 0.2260 area and the 100 hourly simple moving average. A high was formed near $ 0.2264 and the price declined below $ 0.2200.

It retested the $ 0.2180 support area and a new weekly low was formed near $ 0.2173. At the outset, ripple is correcting above the $ 0.2200 level. Moreover, it surpassed the 23.6% Fib retracement level of the recent drop from the $ 0.2264 high to $ 0.2173 low.

An immediate resistance on the upside is near the $ 0.2220 level. Besides, the 50% Fib retracement level of the recent drop from the $ 0.2264 high to $ 0.2173 low is also near the $ 0.2220 level.

More importantly, yesterday’s key bearish trend line is intact with resistance near $ 0.2230 on the hourly chart of the XRP/USD pair. It seems like there are many resistances on the upside such as $ 0.2220, $ 0.2240, 100 SMA, and $ 0.2260.

Therefore, a clear break above the $ 0.2240 and $ 0.2260 levels is must to set the pace for more gains. The next major resistance above $ 0.2260 is near the $ 0.2320 level. An intermediate resistance is near the $ 0.2285 level.

On the downside, an initial support is near the $ 0.2200 level. The main support is near the $ 0.2180 level, below which there is a risk of an extended decline towards the $ 0.2100 and $ 0.2080 levels in the near term.

Ripple Price

Ripple Price

Looking at the chart, ripple price is clearly trading below many resistances near $ 0.2250. On the other hand, there is hardly any major support up to $ 0.2000. Thus, there are chances of an extended decline below $ 0.2180 unless the price rallies above the $ 0.2260 resistance area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it is above the 50 level.

Major Support Levels – $ 0.2200, $ 0.2180 and $ 0.2100.

Major Resistance Levels – $ 0.2220, $ 0.2260 and $ 0.2320.

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Analysis – NewsBTC

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