Analysis

Ripple (XRP) Rally Remains Attractive To The Bears If Price Surges To $0.31

Ripple found support near $ 0.2680 and recovered slightly against the US Dollar. XRP price could continue to rise, but the bears are likely to protect the $ 0.3100 resistance area.

  • Ripple price is slowly correcting higher from the $ 0.2677 swing low against the US dollar.
  • The price is back above the $ 0.2800 area, but it lacks bullish momentum.
  • Yesterday’s two connecting bearish trend lines were breached with resistance near $ 0.2865 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could recover towards the $ 0.3000, $ 0.3050 and $ 0.3100 resistance levels.

Ripple Price Facing Strong Resistance

Yesterday, we saw a strong decline in ripple from well above the $ 0.3200 and $ 0.3000 levels. XRP even settled below the $ 0.3000 pivot level and the 100 hourly simple moving average.

Finally, the price broke the $ 0.2800 support area and traded close to the $ 0.2650 support. A swing low is formed near $ 0.2677 and the price is currently recovering. It surpassed the $ 0.2750 and $ 0.2800 resistance levels to start a decent recovery.

Furthermore, there was a break above the 23.6% Fib retracement level of the downward move from the $ 0.3469 high to $ 0.2677 low. More importantly, yesterday’s two connecting bearish trend lines were breached with resistance near $ 0.2865 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple Price

Ripple price is now trading above the $ 0.2900 level. However, there are many hurdles waiting on the upside, starting with $ 0.3000. The next resistance is near the $ 0.3070 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the downward move from the $ 0.3469 high to $ 0.2677 low is near the $ 0.3070 level. Therefore, the bears are likely to put up a solid fight if the price climbs towards $ 0.3050 and $ 0.3070.

If the bulls are able to clear the $ 0.3070 and $ 0.3100 resistance levels, there could be a strong rise towards the $ 0.3400 and $ 0.3500 resistance levels.

Fresh Decline?

In the short term, there could be corrective moves above the $ 0.2900 and $ 0.2920 levels. Later, if the price fails to gain strength above $ 0.3000, it is likely to resume its decline.

An initial support is near the $ 0.2800 area. The main support for ripple is near the $ 0.2650 level, below which the price could decline heavily towards $ 0.2500 or $ 0.2450 in the near term.

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 back above the 50 level, with a few positive signs.

Major Support Levels – $ 0.2800, $ 0.2780 and $ 0.2650.

Major Resistance Levels – $ 0.2940, $ 0.3000 and $ 0.3070.

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Analysis – NewsBTC

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