The price of ripple formed a decent support at $ 0.2450 against the US dollar. The XRP / USD has rebounded, but is facing many significant hurdles close to $ 0.3020 and $ 0.3150.
Key discussion points
- The price of corrugation is corrected after having formed support close to the $ 0.2450 level against the US dollar.
- There are two downward trend lines positioned with resistance close to $ 0.3020 on the 2-hour chart of the XRP / USD pair (data feed via Bitstamp).
- The XRP must earn a bullish momentum above $ 0.3020 and $ 0.3150 to return to a bullish zone.
Ripple Price Forecast
After a sharp drop, Ripple's price found support close to the $ 0.2450 level against the US dollar. The XRP / USD pair started a solid rebound and exceeded the resistance level of $ 0.2750.
Looking at the chart, the price gained traction above the $ 0.2750 level. It even exceeded $ 0.2820 and the Fib retracement level was 38.2% of the last decline, from $ 0.3583 to $ 0.2456 low.
However, the upward move was limited by strong resistance near the $ 0.3000-0.3020 zone. More importantly, two bearish trend lines prevented gains with current resistance near $ 0.3020 on the 2-hour chart of the XRP / USD pair.
In addition, the 50% fiber retracement level of the last decline from $ 0.3583 high to $ 0.2456 low also represented an important obstacle for buyers. The price failed to exceed $ 0.3020 and has retired.
It has fallen below the $ 0.2880 level and is currently trading in a range close to $ 0.2800. On the downside, there is a key support formed close to $ 0.2700. Below this, the price could resume its decline towards the levels of $ 0.2550 and $ 0.2500.
On the upside, buyers of ripples have to push the price above the trend lines and $ 0.3020. Above these, the next obstacle is at $ 0.3150, which was previously a support.
Overall, the price of ripple could make another attempt to clear the obstacles near $ 0.3020. If it fails, sellers could perhaps take control for a new bearish wave to support levels of $ 0.2700 and $ 0.2550 in the short term.
Market data is provided by TradingView.