Key Highlights
- Ripple price came under renewed selling pressure as it moved below $0.2500 against the US Dollar.
- There are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting higher but struggling to break the $0.2400 and $0.2450 resistance levels.
Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD has to move above $0.2450 to gain bullish traction in the near term.
Ripple Price Upside Hurdle
There were a couple of downside swing moves in Ripple price below $0.2500 against the US Dollar. The price failed to hold yesterday’s swing low near $0.2308 and declined further. It traded below the $0.2300 support and tested the $0.2200 zone. A low was formed at $0.2195 from where a minor correction wave was initiated. It has moved above the 23.6% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low.
However, the price is facing many hurdles on the upside near $0.2400 and $0.2450. The current wave faced sellers near the 38.2% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low. Moreover, there are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair. The second trend line resistance, $0.2500 and the 50% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low are important. These hurdles might continue to prevent gains above $0.2500 in the near term.
On the downside, the $0.2200 swing low is a decent support. However, there are chances of XRP testing the $0.2100 support zone as well in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards 35.
Major Support Level – $0.2200
Major Resistance Level – $0.2450
Charts courtesy – Trading View, Kraken
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