Ripple launched a strong recovery wave above the $ 0.2500 and $ 0.3000 levels against the US dollar. XRP price is facing strong resistance right now, but the dips could be limited below $ 0.2500.
- Ripple started a new uptrend after building a support base near $ 0.2150 against the US dollar.
- The price is now trading well above $ 0.2500 and the simple moving average of 100 (4 hours).
- A key bearish trendline is forming on the 4-hour chart of the XRP / USD pair (data source from Kraken) with resistance near USD 0.3550.
- The pair rose to test the trendline and is currently pulling back towards $ 0.2750.
Ripple’s XRP price is facing hurdles
After falling sharply, Ripple’s XRP price began a period of consolidation above the $ 0.2000 level. A support base was formed near the $ 0.2150 level before the price rose sharply.
The price broke the $ 0.2450 and $ 0.2500 resistance levels to start a sharp rise. There was a closing price above the $ 0.2500 level and the simple moving average of 100 (4 hours). The bulls gained strength and pushed the price above the $ 0.3000 level.
However, the upside has been limited and there has only been one gain above $ 0.3200. A key bearish trendline is also forming on the 4-hour chart of the XRP / USD pair with resistance near USD 0.3550.
Source: XRPUSD on TradingView.com
A swing high is forming near $ 0.3700 on Kraken and the price is currently falling down. There was a pause below the USD 0.3120 support level. It is currently testing the 50% Fib retracement level of the move up from the low of $ 0.2190 to the high of $ 0.3700.
If there are more losses, the price could test the $ 0.2750 support and the 100 (4 hour) simple moving average. The 61.8% Fib retracement level of the move up from the low of $ 0.2190 to the high of $ 0.3700 is also close to $ 0.2750. The next big support on the downside is forming near the $ 0.2500 level.
Limited upsides in XRP?
If the ripple triggers another rally, it could face many hurdles starting at $ 0.3120. The first major resistance for the bulls is near the $ 0.3250 level.
The main resistance is now forming near the USD 0.3500 level and the bearish trendline. A closing price above the $ 0.3500 zone could take the price to the $ 0.4000 level in the short term.
Technical indicators
4 Hour 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 – $ 0.2800, $ 0.2750, and $ 0.2550.
Main Resistance Levels – $ 0.3150, $ 0.3250, and $ 0.3500.
