Ripple (XRP) Price Approaching Key Resistance, Can Buyers Do This?


  • The curling price was trading at $ 0.3134 and recently corrected higher against the US dollar.
  • The price broke the resistance area of ​​$ 0.3200, but is still below the key resistance of $ 0.3280.
  • The main downtrend line yesterday was intact with near resistance of $ 0.3280 on the hourly chart of the XRP / USD pair (Kraken data source).
  • The pair should break the trend line and $ 0.330 to move to a positive zone.

The price of the ripple managed to recover some points against the US dollar, similar to bitcoin. The XRP is currently trading above the $ 0.3200 level and could try to break the resistance area of ​​$ 0.3280.

Ripple Price Analysis

Recently, there was a downside extension below support of $ 0.3200 in the price of the ripple against the US dollar. The XRP / USD pair traded below the level of $ 0.3150 and formed a new weekly low of $ 0.3134. Later, the price started a high correction above the resistance levels of $ 0.3140 and $ 0.3150. Buyers gained traction above the resistance of $ 0.3200 and the level of retraction of 50% from the last drop, from $ 0.3325 to $ 0.3134.

This opened the door to more gains and the price was traded toward the $ 0.3260 level and the 100 percent moving average. However, the price struggled to stay above the 61.8% level of fiber retraction from the last fall, from $ 0.3325 to $ 0.3134. In addition, yesterday's low-key trend line is intact, with resistance close to $ 0.3280 on the XRP / USD pair's hourly chart. Sooner or later, the pair could try to push past the trend line and $ 0.328.

If buyers can clear the $ 0.3280 resistance area, there is a chance of a strong bullish move above the $ 0.333 level. The next key resistance is at 1236 Fib extension level of the last drop from $ 0.3325 high to $ 0.3134 low to $ 0.3372. On the other hand, if the price does not move above the resistance of $ 0.3280, there may be a further decline. On the downside, initial support is at $ 0.3200, below which the price could be traded toward the levels of $ 0.3160 ​​and $ 0.3150.

Curling price analysis XRP chart

Looking at the chart, the price of the ripple is showing positive signs above $ 0.3200. That said, a good closing above $ 0.3280 and $ 0.33300 is needed for more short-term gains. If the bulls continue to fight close to $ 0.3280, there may be another low reaction below $ 0.3200 in the upcoming sessions.

Technical Indicators

MACD per hour – The MACD for XRP / USD appears to be struggling to remain in the bullish zone.

RSI per hour (Relative Strength Index) – The RSI for XRP / USD is currently moving towards level 50.

Main levels of support – $ 0.330, $ 0.3150 and $ 0.3130.

Main resistance levels – $ 0.3280, $ 0.330 and $ 0.3370.


Source link