Ripple started a strong wave of recovery above USD 0.2500 and USD 0.3000 against the US dollar. XRP price is currently facing a strong resistance, but the declines could be limited below USD 0.2500.
- Ripple started a fresh upward move after forming a support base near USD 0.2150 against the US dollar.
- The price is now trading well above USD 0.2500 and the simple 100 (4 hours) moving average.
- A major bearish trendline is forming with resistance near USD 0.3550 on the 4-hour chart of the XRP / USD pair (data source from Kraken).
- The pair peaked to test the trendline and is currently retreating towards USD 0.2750.
Ripple’s XRP price is facing hurdles
After a Sharp decreaseripple XRP price started a consolidation phase above the USD 0.2000 level. A support base formed near the USD 0.2150 level before the price started to rally sharply.
The price broke the USD 0.2450 and USD 0.2500 resistance levels to start a surge. There was a close above the $ 0.2500 level and the 100 simple moving average (4 hours). The bulls strengthened and they were able to push the price above the USD 0.3000 level.
However, the benefits were limited and it only spiked above USD 0.3200. A major bearish trendline is also forming with resistance near USD 0.3550 on the 4-hour chart of the XRP / USD pair.
Source: XRPUSD on TradingView.com
A swing high is forming near $ 0.3700 on Kraken and the price is currently dropping lower. There was a break below the USD 0.3120 support level. Currently, the 50% Fib retracement level is being tested from the upward movement from the $ 0.2190 swing low to the $ 0.3700 swing high.
If there are more losses, the price could test the support at USD 0.2750 and the simple 100 (4 hours) moving average. The 61.8% Fib retracement level of the upward move from the $ 0.2190 swing low to $ 0.3700 swing high is also near $ 0.2750. The next big support on the downside is forming near the USD 0.2500 level.
Benefits limited in XRP?
If ripple starts a recovery wave again, it could face many hurdles starting at $ 0.3120. The first major resistance for the bulls is near the USD 0.3250 level.
The main resistance is now forming near the USD 0.3500 level and the bearish trendline. A close above the USD 0.3500 zone could push the price towards the USD 0.4000 level in the near term.
4-Hours MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 60 level.
Key Support Levels – USD 0.2800, USD 0.2750 and USD 0.2550.
Key Resistance Levels – USD 0.3150, USD 0.3250 and USD 0.3500.