Ripple (XRP) Recovery Facing Key Hurdles: Can Bulls Outsmart Bears?
Ripple started an upside above the $0.2850 resistance area against the US Dollar. However, XRP price is still facing a couple of key hurdles near $0.3000 and $0.3080.
Ripple price is currently correcting higher from the $0.2677 swing low against the US dollar.
The price is trading above $0.2850, but it is still facing many key resistances.
There is a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price struggle to continue above the $0.3000 and $0.3080 resistance levels in the near term.
Ripple Price Near Crucial Juncture
After a strong decline below $0.3000 and the 100 hourly simple moving average, ripple found support near the $0.2650 area. XRP traded as low as $0.2677 and recently started a steady recovery above the $0.2700 level.
There was a break above the $0.2750 and $0.2800 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low.
The price even climbed above the $0.2950 resistance area. However, ripple is currently facing a strong resistance near the $0.3000 pivot level and the 100 hourly simple moving average.
More importantly, there a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair. Above the trend line, there is a key hurdle forming near the $0.3070 and $0.3080 levels.
Besides, the 50% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low is also near the $0.3080 area. Therefore, a successful close above the $0.3080 resistance area is needed for a strong rise in the coming sessions.
If there is a clear close above $0.3080 and $0.3100, there are high chances of another rally towards the $0.3200 and $0.3320 levels.
We cannot discard the chances of another failure near the $0.3000 resistance area and the 100 hourly SMA. In the mentioned case, the price is likely to continue lower towards the $0.2850 and $0.2800 levels.
The main support for ripple is still near the $0.2650 area, below which the price could start a strong decline towards the $0.2500 pivot area in the near term.
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with a bearish angle.
Major Support Levels – $0.2850, $0.2800 and $0.2650.
Major Resistance Levels – $0.3000, $0.3070 and $0.3080.