Ripple (XRP) Price Struggling To Follow Bitcoin: More Range Moves Before Higher?

  • Ripple price remained stable above the key $0.4250 support area against the US dollar.
  • The price is currently facing a strong resistance near the $0.4400 and $0.4420 levels.
  • There is a major bullish trend line forming with support near $0.4240 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Bitcoin price rallied recently above $9,500, but XRP seems to be struggling to follow BTC.

Ripple price is slowly moving higher against the US Dollar, but declined heavily vs bitcoin. XRP price might start a solid upward move once it settles above $0.4420 and $0.4500.

Ripple Price Analysis

Recently, there were sharp gains in bitcoin above $9,500, but ripple price remained well below $0.4500 against the US Dollar. The XRP/USD pair found support near the $0.4220 and $0.4240 levels. It is slowly moving higher above $0.4350 and the 100 hourly simple moving average. Moreover, there was a break above a connecting bearish trend line with resistance near $0.4330 on the hourly chart.

The price even spiked above the $0.4400 level, but it failed to hold gains. A swing high was formed at $0.4447 and the price is currently correcting lower. It declined below the 23.6% Fib retracement level of the recent wave from the $0.4215 low to $0.4447 high. On the downside, there are many supports near the $0.4320 level. The 50% Fib retracement level of the recent wave from the $0.4215 low to $0.4447 high is also near the $0.4330 level.

Moreover, the 100 hourly SMA and the broken trend line near $0.4320 are likely to act as support. Finally, there is a major bullish trend line forming with support near $0.4240 on the hourly chart of the XRP/USD pair. Therefore, there are many supports on the way down towards the $0.4250 level.

On the upside, the price needs to gain pace above the $0.4400 and $0.4420 level. The next key resistance is near the $0.4500 level, above which there could be strong gains in ripple.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling near the $0.4400 and $0.4420 levels. As long as the price is below $0.4500, there could be more range moves. The price might even retest the $0.4300 or $0.4250 support before it could climb higher. If there is a successful close above $0.4500, the price could rise steadily. The next stop could $0.4600, $0.4640 and $0.4720.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level, with a lot positive signs.

Major Support Levels – $0.4330, $0.4300 and $0.4250.

Major Resistance Levels – $0.4400, $0.4420 and $0.4500.

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Source: Newsbtc

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