Ripple price started a downside correction after tagging the %excerpt%.3150 resistance against the US dollar.The price is currently consolidating above the %excerpt%.2850 support area, with a few positive signs.There is a major bearish trend line forming with resistance near %excerpt%.2980 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).The price must surpass the %excerpt%.3000 barrier for a fresh increase in the coming sessions.Ripple price is facing a major hurdle near %excerpt%.3000 against the US Dollar. XRP price might rise again as long as there is no break below the %excerpt%.2800 support.Ripple Price AnalysisThis past week, there was a sharp rise above the %excerpt%.2800 and %excerpt%.3000 resistance levels. Moreover, there was a close above the %excerpt%.3000 level and the 55 simple moving average (4-hours).The increase
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Ripple, Trading, XRP
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Ripple price started a downside correction after tagging the $0.3150 resistance against the US dollar.
- The price is currently consolidating above the $0.2850 support area, with a few positive signs.
- There is a major bearish trend line forming with resistance near $0.2980 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The price must surpass the $0.3000 barrier for a fresh increase in the coming sessions.
Ripple price is facing a major hurdle near $0.3000 against the US Dollar. XRP price might rise again as long as there is no break below the $0.2800 support.
Ripple Price Analysis
This past week, there was a sharp rise above the $0.2800 and $0.3000 resistance levels. Moreover, there was a close above the $0.3000 level and the 55 simple moving average (4-hours).
The increase was such that the price traded above the $0.3120 resistance. A high was formed near $0.3154 before the price started a downside correction. There was a break below the $0.3000 pivot area.
Besides, the price traded below the 23.6% Fib retracement level of the upward move from the $0.2549 low to $0.3154 high. However, the price is currently finding strong bids near the $0.2850 area.
It seems like the 50% Fib retracement level of the upward move from the $0.2549 low to $0.3154 high is acting as a support. If there is a downside break below the $0.2850 support, there is a risk of further declines. However, the $0.2800 might provide support.
Only a close below the $0.2800 support area might start a significant decline. On the upside, there are a few important resistances forming near the $0.2980 and $0.3000 levels.
More importantly, there is a major bearish trend line forming with resistance near $0.2980 on the 4-hours chart of the XRP/USD pair. The main resistance is near the $0.3000 area.
Therefore, an upside break above the trend line, the 55 SMA, and $0.3000 might set the pace for another increase. The next key resistances are near the $0.3120 and $0.3150 levels. The main hurdle on the upside is near the $0.3200 area.
Ripple Price
Looking at the chart, ripple price is facing an uphill task near the $0.3000 area. If there is a successful close above $0.3000, the price could resume uptrend. If not, there is a risk of an extended decline below the $0.2850 and $0.2800 support levels in the near term.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Key Support Levels – $0.2880, $0.2850 and $0.2800.
Key Resistance Levels – $0.3000 and $0.3150.