Ripple (XRP) Price Testing Key Support: More Range Moves Likely

  • Ripple price struggled to break the $ 0.4080 and $ 0.4085 resistance levels against the US dollar.
  • The price declined recently and traded below the $ 0.4000, $ 0.3950 and $ 0.3840 support levels.
  • This week’s followed bullish trend line was breached with support near $ 0.3960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now trading near a major support area close to the $ 0.3650 and $ 0.3620 levels.

Ripple price moved lower within a range against the US Dollar and bitcoin. XRP is currently holding the key $ 0.3620 support and it is likely to climb higher towards $ 0.3950 or $ 0.4000.

Ripple Price Analysis

Recently, ripple price climbed steadily above $ 0.3950 and $ 0.4000 against the US Dollar. The XRP/USD pair even traded above the $ 0.4050 level and the 100 hourly simple moving average. However, the pair struggled to break the $ 0.4080 and $ 0.4085 resistance levels. As a result, there was a bearish reaction and the price declined below the $ 0.4050 and $ 0.4000 support levels. Besides, there was a clear break below the $ 0.3950 support and the 100 hourly SMA.

More importantly, this week’s followed bullish trend line was breached with support near $ 0.3960 on the hourly chart of the XRP/USD pair. The pair declined below $ 0.3800 and tested the $ 0.3650 level. A swing low is formed at $ 0.3653 and the price is currently consolidating losses. An initial resistance is near the $ 0.3760 level and the 23.6% Fib retracement level of the downward move from the $ 0.4138 high to $ 0.3653 low. On the upside, the main resistance is near the $ 0.3900 and $ 0.3950 levels.

The 100 hourly SMA is close to the $ 0.3950 level to act as a key hurdle. An intermediate resistance is the 50% Fib retracement level of the downward move from the $ 0.4138 high to $ 0.3653 low. On the downside, there are key supports near the $ 0.3650 and $ 0.3620. If there is a bearish break below the $ 0.3620 range support, the price will likely move into a bearish zone.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading above major supports near $ 0.3620 and it is likely to bounce back. On the upside, the previous supports near $ 0.3900 and $ 0.3950 are likely to prevent upsides. However, a successful close above $ 0.4000 might start a strong upward move towards $ 0.4100 or even $ 0.4200. On the flip side, a successful close below $ 0.3620 could push the price back towards $ 0.3500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is c

urrently recovering and it could move towards 45.

Major Support Levels – $ 0.3650, $ 0.3620 and $ 0.3500.

Major Resistance Levels – $ 0.3900, $ 0.3950 and $ 0.4000.

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Analysis – NewsBTC

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