Ripple (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles

Ripple extended its decline and tested the $0.2800 support against the US Dollar. XRP price is likely to start a slow and steady rise as long as it is above the $0.2800 support.

  • Ripple failed to stay above the $0.2850 support and tested the $0.2800 region against the US dollar.
  • The price traded to a new weekly high at $0.2790 level and it is now well above the 100 hourly SMA.
  • There was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently struggling to gain bullish momentum above $0.2905 and $0.2920.

Ripple Price Holding $0.2800

In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.

A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.

Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low. However, the bulls seem to be struggling to gain strength above the $0.2905 and $0.2920 resistance levels.

Ripple (XRP)

Ripple price below $0.2920. Source: TradingView.com

If there is a clear break above the $0.2920 resistance, the price could rise towards the $0.3000 resistance. It seems like there is a major hurdle forming near the $0.3000 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low is also near $0.3030.

A successful close above the $0.3000 and $0.3020 could open the doors for a fresh increase. In the mentioned case, the price could rise towards the $0.3120 and $0.3155 levels.

Key Uptrend Support for XRP

The main support is clearly near the $0.2800 region. If ripple fails to settle above $0.2920, there is a risk of a downside break below $0.2800.

A daily close below the $0.2800 support level is likely to open the doors for a larger decline. The next major supports could be $0.2650 and $0.2620.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 40 level.

Major Support Levels – $0.2820, $0.2800 and $0.2750.

Major Resistance Levels – $0.2905, $0.2920 and $0.3000.

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Source: Newsbtc

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