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Ripple (XRP) Price Continues To Probe Key Supports

Altcoins 2019/12/03 05:28 by Aayush Jindal
  • 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.

The post Ripple (XRP) Price Continues To Probe Key Supports appeared first on NewsBTC.

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