The Ripple recovery faces a strong resistance wave above the $0.2500 level against the US dollar and the price could face dips that are limited below the $0.2500 level as we are reading more in today’s Ripple news.
Ripple started a fresh upwards movement after forming a support base of $0.2150 against the US dollar with the price now trading well above the $0.2500 and the 100 simple moving average. There’s also a key bearish trend line forming with the resistance near the $0.3550 zone on the 4-hour charts of the pair. The pair spiked to test the trend line that is now retreating towards the $0.2750 level. After the sharp decline, ripple’s XRP price started a consolidation phase above the $0.2000 level but the support base was initially formed near the $0.2150 level before the price started a strong increase.
The price broke the $0.2450 resistance levels with now preparing to launch a strong increase. There was a close above the $0.2500 level and the 100 simple moving average. The bulls gained more strength as they were able to push the price above the $0.3000 level. Upsides were also limited with only one spiking above $0.3200 and there’s also a key bearish trend line forming with the resistance near the $0.3550 level on the 4-hour charts of the pair. A swing high is also formed near the $0.3700 on Kraken with the price retreating lower. There was also a break below this support level and now the pair is testing the 50% fib retracement level from the upwards move at $0.2190 swing low to $0.3700 swing high.
If there are more losses, the price could test the $0.2750 support and the 100 simple moving average with the 61.8% fib retracement level of the upwards movement from $0.2190 swing low to the $0.3700 swing high also being near the $0.2750. The next major support on the downside is forming close to the $0.2500 level. If ripple starts another recovery wave, it could face plenty of hurdles starting with the $0.3120 first. The first major resistance for the bulls is close to the $0.3250 level. The main resistance is now forming near the $0.3500 level and the bearish trend line with a close above the $0.3500 zone being able to lead the price towards the $0.4000 level in the near-term.
The 4-hour MACD for the pair is gaining momentum in the bullish zone with the 4-hour RSI being above the 60 levels.
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