- Ripple price is struggling to climb above the $0.2850 resistance area against the US dollar.
- The price is currently declining and it might test the $0.2645 support level.
- There is a key bearish trend line forming with resistance near $0.2805 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair must climb above $0.2805 and $0.2850 to start a strong increase in the coming sessions.
Ripple price is currently struggling below $0.2850 against the US Dollar. XRP price could dip towards the $0.2580 support before it might rise again towards $0.3000.
Ripple Price Analysis
This past week, ripple price found a strong support near $0.2645 and $0.2580 levels against the US Dollar. XRP/USD remained well bid and started a decent recovery above the $0.2720 level.
There was a break above the 23.6% Fib retracement level of the downward move from the $0.3078 high to $0.2621 low. Besides, the price surpassed the $0.2820 resistance area.
However, the price faced a strong resistance near the $0.2850 level. Besides, the price remained well below the 55 simple moving average (4-hours). More importantly, there is a key bearish trend line forming with resistance near $0.2805 on the 4-hours chart of the XRP/USD pair.
It seems like the pair failed to continue above the 50% Fib retracement level of the downward move from the $0.3078 high to $0.2621 low. Ripple price is currently retreating from $0.2850 and it is trading below the $0.2800 level.
An initial support is near the $0.2720 level. The first key support is near the $0.2650 level, below which the price could continue to move down towards the $0.2585 level.
Any further losses may perhaps lead the price towards the $0.2325 support area in the near term. Conversely, the price could bounce back from $0.2645 or $0.2585. An initial resistance is near the $0.2805 level and the trend line.
However, the bulls need to gain momentum above the $0.2850 level and the 55 simple moving average (4-hours) to start a convincing upward move in the near term. The next major resistance is seen near the $0.3040 level.
Looking at the chart, ripple price is clearly struggling below $0.2805 and $0.2850. Therefore, it could dip a few points in the short term, but it is likely to bounce back as long as it is above $0.2585.
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.
Key Support Levels – $0.2645, $0.2585 and $0.2400.
Key Resistance Levels – $0.2850 and $0.3000.
The post Ripple Price Analysis: XRP Could Dip Further Before Fresh Increase appeared first on Live Bitcoin News.
Source: Live Bitcoin News