Ripple (XRP) Recovery Facing Key Hurdles: Can Bulls Outsmart Bears?
Altcoins2020/02/19 05:28 by Aayush Jindal
Ripple started an upside above the $0.2850 resistance area against the US Dollar. However, XRP price is still facing a couple of key hurdles near $0.3000 and $0.3080.
Ripple price is currently correcting higher from the $0.2677 swing low against the US dollar.
The price is trading above $0.2850, but it is still facing many key resistances.
There is a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price struggle to continue above the $0.3000 and $0.3080 resistance levels in the near term.
Ripple Price Near Crucial Juncture
After a strong decline below $0.3000 and the 100 hourly simple moving average, ripple found support near the $0.2650 area. XRP traded as low as $0.2677 and recently started a steady recovery above the $0.2700 level.
There was a break above the $0.2750 and $0.2800 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low.
The price even climbed above the $0.2950 resistance area. However, ripple is currently facing a strong resistance near the $0.3000 pivot level and the 100 hourly simple moving average.
More importantly, there a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair. Above the trend line, there is a key hurdle forming near the $0.3070 and $0.3080 levels.
Ripple Price
Besides, the 50% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low is also near the $0.3080 area. Therefore, a successful close above the $0.3080 resistance area is needed for a strong rise in the coming sessions.
If there is a clear close above $0.3080 and $0.3100, there are high chances of another rally towards the $0.3200 and $0.3320 levels.
Another Failure?
We cannot discard the chances of another failure near the $0.3000 resistance area and the 100 hourly SMA. In the mentioned case, the price is likely to continue lower towards the $0.2850 and $0.2800 levels.
The main support for ripple is still near the $0.2650 area, below which the price could start a strong decline towards the $0.2500 pivot area in the near term.
Technical Indicators
Hourly MACD β The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) β The RSI for XRP/USD is currently just above the 50 level, with a bearish angle.
Major Support Levels β $0.2850, $0.2800 and $0.2650.
Major Resistance Levels β $0.3000, $0.3070 and $0.3080.
0 Like(s)
You should also read...
Altcoins05/05/20 07:58 by Aayush Jindal
Ripple (XRP) Remains Primed For Gains Until It Breaks $0.20
Ripple retested the $0.2080 support level against the US Dollar. XRP price is currently rising and it is likely to gain bullish momentum towards $0.2350 unless it breaks the $0.2000 support.
Ripple p... Read More
Altcoins29/06/20 07:28 by Aayush Jindal
This Confluence Of Bearish Factors Shows Ripple (XRP) Could Dive Again
Ripple started an upside correction after trading as low as $0.1690 against the US Dollar. XRP price is currently facing a strong resistance at $0.1800 and it could resume its decline.
Ripple correct... Read More
Altcoins26/08/20 08:48 by Aayush Jindal
Ripple (XRP) is Plunging, But Itβs Too Early to Say Bulls Have Given Up
Ripple is declining and it broke the $0.2800 support zone against the US Dollar. XRP price is currently correcting higher, but upsides are likely to remain capped near $0.2810.
Ripple is slowly movin... Read More
Altcoins24/09/20 09:48 by Aayush Jindal
Ripple (XRP) Price Plunges to $0.22: Can Bulls Save This Key Support?
Ripple is down 5% and it broke the key $0.2300 support zone against the US Dollar. XRP price tested the next major support at $0.2200 and it is currently struggling to recover higher.
Ripple remained... Read More
Ripple is struggling to clear the $0.5800 resistance against the US Dollar. XRP price is showing bearish signs and it could accelerate lower below $0.5420.
Ripple topped just above the $0.6000 level ... Read More