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 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.
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.