Ripple Price Analysis: Bulls Facing Uphill Task Near $0.295
- Ripple price declined steadily, but it is holding the $0.2740 support zone against the US dollar.
- The price is currently attempting a decent recovery above the $0.2800 resistance zone.
- There was a break above a major bearish trend line with resistance near $0.2860 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is facing an uphill task near the $0.2950 resistance and the 55 simple moving average (4-hours).
Ripple price is slowly moving higher above $0.2800 against the US Dollar. However, XRP price must climb above $0.2950 to start a strong increase in the coming sessions.
Ripple Price Analysis
In the past few days, ripple price saw a bearish wave below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2950 support and settled below the 55 simple moving average (4-hours).
Finally, the price traded below the $0.2800 support, but the $0.2740 region prevented more downsides. A low is formed near $0.2731 and the price is currently correcting higher. It broke the $0.2780 and $0.2800 resistance levels.
There was also a break above a major bearish trend line with resistance near $0.2860 on the 4-hours chart of the XRP/USD pair. The pair is now trading near the 23.6% Fib retracement level of the downward move from the $0.3273 high to $0.2731 low.
On the upside, the pair is facing an uphill task near the $0.2950 resistance and the 55 simple moving average (4-hours). The main hurdle is still near the $0.3000 level since it is close to the 50% Fib retracement level of the downward move from the $0.3273 high to $0.2731 low.
A successful break above the $0.3000 resistance zone could initiate a fresh upward move. The next key resistance is near the $0.3065 level, above which the bulls are likely to aim a test of the $0.3260 resistance.
Conversely, the price might fail to continue higher above $0.2950 or $0.3000. In the mentioned case, there is a risk of a fresh downward move below the $0.2800 support level. Any further losses might put the $0.2740 support at risk in the near term.
Looking at the chart, ripple price is clearly facing a couple of important hurdles near $0.2950. Therefore, a clear break above $0.2950 and $0.3000 is must for the price to move into a positive zone.
4 hours MACD – The MACD for XRP/USD is now moving back into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently close to the 50 level.
Key Support Levels – $0.2820, $0.2800 and $0.2740.
Key Resistance Levels – $0.2950 and $0.3000.