Ripple (XRP) Price Could Bleed Despite Bitcoin Price Surge
Ripple price remained in a bearish zone and failed to recover above $0.2980 against the US dollar.
The price is currently trading near the $0.2910 support and remains at a risk of more losses.
This week’s highlighted bearish trend line is still intact with resistance near $0.2950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently under pressure and it could spike below the $0.2900 support before a fresh increase.
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Ripple price is struggling to start a rebound against the US Dollar and declined versus bitcoin. XRP must break the $0.2950 and $0.2980 resistance levels to start a strong upward move.
Ripple Price Analysis
Recently, there was an upward move from the $0.2910 support area in ripple price against the US Dollar. The XRP/USD pair traded above the $0.2950 and $0.2960 resistance levels. The price even tested the $0.3000 level, but it failed to retain gains. As a result, there was a fresh decline below the $0.2980 level and the 100 hourly simple moving average. There was a clear failed attempt near $0.3000 and the price is currently trading well below the $0.2950 level.
It traded to a new weekly low at $0.2901 and it remains at a risk of more losses. Recently, there were a couple of swing moves above the 23.6% Fib retracement level of the last drop from the $0.2996 high to $0.2901 low. However, the broken support near the $0.2950 level acted as a resistance. Besides, the 50% Fib retracement level of the last drop from the $0.2996 high to $0.2901 low capped the upward move. More importantly, this week’s highlighted bearish trend line is still intact with resistance near $0.2950 on the hourly chart of the XRP/USD pair.
Therefore, there is a strong resistance formed near the $0.2950 and $0.2960 levels. The next resistance is near the $0.2980 level and the 100 hourly SMA. A successful close above the $0.2980 and $0.3000 levels is must for the bulls to gain traction. Above $0.3000, the main resistance is near the $0.3080 level.
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Looking at the chart, ripple price is clearly struggling to gain traction above $0.3000 despite strong bullish moves in bitcoin above $6,200. Therefore, there is a risk of more losses below the $0.2910 and $0.2900 support levels in the near term. The next important support for the bulls could be $0.2850 (the previous swing low).
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish bias.
Major Support Levels – $0.2910, $0.2900 and $0.2850.
Major Resistance Levels – $0.2950, $0.2980 and $0.3000.
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