Ripple could avoid further setbacks in its price if it manages to stay above the $0.2380 and the 100 hourly SMA for a fresh increase. Ripple failed to clear the previous resistance of $0.2500 and dropped lower against the US dollar as we can see in our Ripple XRP price news.
Ripple is down by 3% and retreated lower from the $0.2485 high against the US dollar. The price is trading close to the $0.2380 support and the 100 hourly simple moving average with a break below the major rising channel and support at $0.2430 on the hourly charts of the XRP/USD pair. The pair has to stay above $0.2380 and ripple could avoid setbacks and start afresh increase in the near term.
After the decent upward move of $0.2350, XRP faced a hurdle close to the $0.2380, and the price traded as high as $0.2385 and started a downward move. There was a break below the $0.2450 level as the price broke the 50% fib retracement level of the upward movement from $0.2310 low to the $0.2485 high. There was also a break below the major rising channel of the support at $0.2430 on the hourly charts for the pair.
The pair is trading close to the $0.2380 support level and the 100 hourly simple moving average with a 61% fib retracement level from the $0.2310 low to the $0.2485 high which is also close to the $0.2380 level. As long as the price remains above this level, it could start afresh increase. The initial resistance is close to the $0.2420 level with a major resistance close to the $0.2450 level above which the price could revisit the $0.2485 level. Further gains could initiate a rise towards the $0.2550 resistance zone.
If ripple fails to go above the $0.2380 support, there’s a huge risk of a fresh decline. The next major support is close to the $0.2350 level. The downside break below the $0.2350 level could start another bearish wave and the price will likely go to the $0.2300 support level. further losses could lead the price to the $0.2250 level. The hourly RSI for the pair is well below the 50 levels while major support levels will include $0.2380 and $0.2350.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]