Bitcoin

Ripple Price Analysis: XRP/USD Facing Key Resistance Near $0.2750

Ripple Price Analysis: XRP/USD Facing Key Resistance Near $0.2750

Key Highlights

  • Ripple price extended losses and broke the $0.2500 support zone against the US dollar.
  • There are two bearish trend lines in place with resistance at $0.2650 and $0.2750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is under a lot of pressure and it remains sell on rallies near the $0.2750 level.

Ripple price is clearly in a downtrend against the US Dollar and Bitcoin. XRP/USD could correct higher, but it is facing a major resistance near $0.2750.

Ripple Price Resistance

There was no major recovery noted above the $0.2800 level in Ripple price recently against the US Dollar. The XRP/USD pair remained in a bearish zone and it extended losses below the $0.2600 and $0.2500 levels. A new weekly low was formed near the $0.2492 level before there was an upside correction. The price moved above the 23.6% fib retracement level of the last slide from the $0.2890 swing high to $0.2490 swing low.

However, the price failed to move above the $0.2650 resistance, which was a support earlier. Besides, there was no test of the 50% fib retracement level of the last slide from the $0.2890 swing high to $0.2490 swing low. More importantly, there are two bearish trend lines in place with resistance at $0.2650 and $0.2750 on the hourly chart of the XRP/USD pair. Therefore, if the price continues to move higher, it could face a strong resistance near the $0.2750 resistance and the 100 hourly simple moving average.

Looking at the chart, ripple price remains in a downtrend below $0.2750. On the downside, a break below the $0.2450 support could trigger heavy declines. The next targets for sellers could be near the $0.2400 support in the short term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.

Major Support Level – $0.2500

Major Resistance Level – $0.2750

Source

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