Key Highlights
- Ripple price made an attempt to settle above the $0.2250 resistance against the US Dollar, but failed.
- Yesterday’s highlighted descending channel with current resistance at $0.2230 on the hourly chart of XRP/USD (data source from Kraken) is intact.
- The price needs to settle above the $0.2250 level in order to gain traction.
Ripple price failed to hold gains against the US Dollar and Bitcoin. Let’s see if XRP/USD can settle above the $0.2250 level or not.
Ripple Price Upside Hurdle
In yesterday’s analysis, we saw a major hurdle for Ripple price around $0.2250 against the US Dollar. The price slowly moved higher and traded above the $0.2250 level. There was even a break above the 76.4% Fib retracement level of the last drop from the $0.2285 high to $0.2065 low. However, it turned out to be a false break, as the price moved back below $0.2250. Yesterday’s highlighted descending channel with current resistance at $0.2230 on the hourly chart of XRP/USD acted as a barrier.
The price failed to settle above the channel resistance area at $0.2250 and moved down. A high was formed at $0.2302 before a pullback. The price dropped and moved below the 50% Fib retracement level of the last wave from the $0.2075 low to $0.2302 high and the 100 hourly simple moving average. There is a new connecting bullish trend line with support at $0.2150, which is acting as a support.
As long as the price is above the trend line support at $0.2150, buyers might attempt another upside break. They need to place the price comfortably above $0.2250 for further gains towards the $0.24 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is almost flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is under pressure and struggling to move higher.
Major Support Level – $0.2150
Major Resistance Level – $0.2250