Ripple (XRP) Price Analysis: Recovery Likely To Remain Capped
Ripple price extended its decline below the $0.4000 support area against the US dollar.
The price even broke the $0.3800 support area and traded close to the $0.3660 level.
There is a major bearish trend line forming with resistance near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to struggle near $0.3950 or $0.4000 if it corrects higher from the current levels.
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Ripple price is slowly recovering from lows against the US Dollar, similar to bitcoin. XRP might correct higher, but it won’t be easy for the bulls to clear the $0.3950 or $0.4000 level.
Ripple Price Analysis
There was a sharp decline from the $0.4110 swing high in ripple price against the US Dollar. The XRP/USD pair broke the key $0.4000 and $0.3950 support levels to move further into a bearish zone. There was also a close below $0.4000 and the 100 hourly simple moving average. Finally, there was a break below $0.3800 and the price traded close to the $0.3660 level. A swing low was formed at $0.3687 and the price is currently correcting higher.
It is recovering above the $0.3800 level and the 23.6% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low. On the upside, there are many hurdles near the $0.3950 and $0.4000 levels. An initial resistance is near $0.3900. It coincides with the 50% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low. There is also a major bearish trend line forming with resistance near $0.3950 on the hourly chart of the XRP/USD pair.
The 61.8% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low is near the $0.3950 to stop the current wave. To start a decent and strong recovery, the price must clear the $0.3950 and $0.4000 resistance levels. The next key resistance is near the $0.4110 level, above which the price might move back in a positive zone. On the downside, an initial support is near the $0.3800 level, below which the price might move back towards $0.3660. Any further losses could push the price towards the $0.3500 level.
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Looking at the chart, ripple price is currently recovering, but it could face a strong resistance near the $0.3950 and $0.4000 levels. If there is a clear break, the price could start a rise towards the $0.4200 level.
Hourly MACD – The MACD for XRP/USD is slowly moving back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving higher and it is currently above the 25 level.
Major Support Levels – $0.3800, $0.3660 and $0.3500.
Major Resistance Levels – $0.3900, $0.3950 and $0.4000.
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