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The price of ripple remained in an important downward trend under the support of $ 0.3120 compared to the US dollar. The XRP / USD has recently found support close to $ 0.2520 and is currently under recovery.
Key Talking Points
- The price of the ripple is traded towards the $ 0.2520 level in which buyers have emerged against the US dollar.
- There was a pause above a declining channel with a resistance of $ 0.2705 on the 2-hour chart of the XRP / USD pair (data feed via Bitstamp).
- The XRP price is currently above $ 0.2700, but may face sellers close to $ 0.2788 and $ 0.2820.
Ripple Price Forecast
There were more losses noted under the support of $ 0.3120 in the price of Ripple than the US dollar. The XRP / USD pair broke support levels of $ 0.2820 and $ 0.2700 this week and yielded to $ 0.2500.
Looking at the chart, the price has also stabilized below the rotation level of $ 0.2820 and the 100 SMA (2-hour). A new monthly minimum was formed at $ 0.2530 and thereafter the price started an upward correction.
Buyers have been successful in raising the price above $ 0.2640 and $ 0.2680 resistance levels. There was also a break above the Fiber retracement level of 23.6% from the recent decline from $ 0.3046 down to $ 0.2530 below.
More importantly, there was a break above a declining channel with resistance at $ 0.2705 on the 2-hour chart of the XRP / USD pair. The pair is positioned above the $ 0.2700 level, but is facing many upside barriers near the $ 0.2820 level.
Initial resistance is close to $ 0.2788 and Fibra's 50% retracement level of the recent decline from $ 0.3046 high to $ 0.2530 Low. In addition to this, the $ 0.2820 level is a crucial obstacle along with 100 SMA (2 hours).
If XRP manages to exceed 100 SMA (2 hours) and $ 0.282, it could recover further to the $ 0.2924 level.
On the other hand, if the price of the ripple fails to overcome the resistance of $ 0.2820 or the 100 SMA (2 hours), there could be a new downward reaction. Supports are seen near the levels of $ 0.2620 and $ 0.2520 in the short term.
Market data is provided by TradingView.
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