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Ripple initiated an upward correction from the $ 0.2280 support against the US dollar. The XRP price could start a strong rally if it clears the $ 0.2400 resistance zone.
- Ripple is struggling to gain bullish momentum above the $ 0.2400 resistance against the US dollar.
- The price is now trading well above $ 0.2350 and the simple moving average 100 (4 hours).
- There is a crucial bearish trend line forming with a resistance near $ 0.2400 on the 4-hour chart of the XRP / USD pair (source Kraken).
- The pair could start a strong rally if it breaks out of the $ 0.2400 and $ 0.2440 levels in the near term.
Ripple’s XRP price is facing hurdles
Over the past few days, there has been a steady decline in the ripple XRP price below the $ 0.2500 support. The price even broke the $ 0.2400 support zone and stood well below the simple moving average of 100 (4 hours).
It even jumped below the support level of $ 0.2300. A low has formed near the $ 0.2286 level and the price is currently recovering. Furthermore, there has been a sharp rise in bitcoin above $ 13,800 and ETH has also risen above $ 385, but XRP is facing many hurdles.
It appears that the bulls are facing an upward task near the $ 0.2400 and $ 0.2440 levels. A high has formed near $ 0.2442 and the price is declining. There is also a crucial bearish trend line forming with a resistance near $ 0.2400 on the 4-hour chart of the XRP / USD pair.
Source: XRPUSD on TradingView.com
Initial support is near the $ 0.2365 level. It is close to the 50% Fib retracement level of the recent upside move from the low of $ 0.2286 to the high of $ 0.2442.
The first major support is near the $ 0.2350 level or the 61.8% Fib retracement level of the recent upward move from the low of $ 0.2286 to the high of $ 0.2442. On the positive side, the price is clearly facing huge resistance near $ 0.2400. To initiate a strong rally, the price must break out of the trend line resistance and then gain pace above $ 0.2440.
Key breakdown support for XRP
If Ripple fails to break out of the $ 0.2400 and $ 0.2440 resistance levels, there is a risk of a bearish breakdown. The first key support is near the $ 0.2350 level.
The next major support is near the $ 0.2300 zone and the swing low $ 0.2286. A clear break below the low of $ 0.2286 could trigger a sharp drop to $ 0.2200 or even $ 0.2120 in the near term.
Technical indicators
4-hour MACD – The MACD for XRP / USD is slowly moving into the bullish zone.
4-hour RSI (relative strength index) – The RSI for XRP / USD is now struggling to stabilize above the 50 level.
Major Support Levels: $ 0.2365, $ 0.2350, and $ 0.2300.
Major resistance levels: $ 0.2400, $ 0.2440 and $ 0.2500.
