Ripple failed to clear the $0.2500 resistance and corrected lower against the US Dollar. XRP price must stay above $0.2380 and the 100 hourly SMA to start a fresh increase.
- Ripple is down 3% and it retreated lower from the $0.2485 high against the US dollar.
- The price is trading near the $0.2380 support and the 100 hourly simple moving average.
- There was a break below a major rising channel with support near $0.2430 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above $0.2380 to start a fresh increase in the near term.
Ripple Price Recovers 4%
After a decent upward move above $0.2350, ripple faced hurdles near $0.2380. XRP price traded as high as $0.2385 and recently started a downward move.
There was a break below the $0.2450 and $0.2420 levels. The price even broke the 50% Fib retracement level of the upward move from the $0.2310 low to $0.2485 high. Moreover, there was a break below a major rising channel with support near $0.2430 on the hourly chart of the XRP/USD pair.
The pair is now trading near the $0.2380 support level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $0.2310 low to $0.2485 high is also near the $0.2380 level.
Ripple price trades below $0.2420. Source: TradingView.com
As long as the price is above the $0.2380 support, it could start a fresh upward move. An initial resistance is near the $0.2420 level. The first major resistance is near the $0.2450 level, above which the price might revisit the $0.2485 high. Any further gains could initiate a steady rise towards the $0.2550 resistance zone.
Bearish Break in XRP?
If ripple fails to stay above the $0.2380 support and the 100 hourly SMA, there is a risk of a fresh decline. The next major support is near the $0.2350 level.
A downside break below the $0.2350 support may perhaps start another bearish wave. In the stated case, the price is likely to revisit the $0.2300 support level. Any further losses could lead the price towards the $0.2250 and $0.2200 levels in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Levels – $0.2380, $0.2350 and $0.2300.
Major Resistance Levels – $0.2420, $0.2450 and $0.2480.