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Ripple Price Analysis: XRP's Recovery Could Face Major Hurdles

  • US $.
  • Line with resistance line at € 0.3180 on the hourly chart of the XRP / USD pair (data source from Kraken).
  • Support for $ 0.3160 ​​on the same chart.

Ripple price is slowly recovering against the US Dollar and Bitcoin. However, XRP / USD is likely to face a lot of hurdles on the upside near the $ 0.3220 and $ 0.3250 levels.

Ripple Price Analysis

Yesterday, there was a ripple price below $ 0.3300 similar to Ethereum and bitcoins against the US Dollar. The XRP / USD pair even broke the $ 0.300 support and settled below the 100th hourly simple moving average. It is traded close to the $ 0.3100 level and formed at low at $ 0.3102. Later, the price started at short term upside correction and traded above $ 0.3150 and $ 0.3160. 23.6% Discounted price on the market.

Moreover, there was a break above a bearish line with resistance at $ 0.3180 on the hourly chart of the XRP / USD pair. The pair traded towards the $ 0.3220 level, which is acted as a solid resistance. However, there was no test of the 50% Fib retracement level of the recent slide from the $ 0.3350 high to $ 0.3100 low. Therefore, there are more increases to the $ 0.3225 and $ 0.3250 levels. The price is still bearish and it will be easy for buyers to clear the $ 0.3220 and $ 0.3250 resistances.

Ripple Price Analysis XRP Chart

Looking at the chart, is currently following an ascending channel with support at $ 0.3160. There could be a short term spike towards the channel resistance, $ 0.3220, and the 100 hourly SMA. A failure to gain momentum above these barriers could result in a decrease to $ 0.3100.

Technical Indicators

Hourly MACD – The MACD for XRP / USD is about to move back into the bearish zone.

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

Major Support Level – $ 0.3160

Major Resistance Level – $ 0.3220

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