Ripple (XRP) Price Struggling To Hold Key Uptrend Support
- Ripple price is holding an important support area near the $0.2880 level against the US dollar.
- The price is facing a lot of hurdles on the upside near the $0.2940 and $0.2950 levels.
- There is a major bearish trend line forming with resistance near $0.2945 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is facing hurdles and struggling to climb above $182 and $185.
Ripple price is currently under pressure below $0.2950 against the US Dollar, while bitcoin is consolidating. XRP price must stay above $0.2880 to recover in the near term.
Ripple Price Analysis
After facing resistance near $0.3000, ripple started a fresh downward move. XRP price traded below the $0.3000 support area to move into a short term bearish zone. Moreover, there was a close below the $0.3000 level and the 100 hourly simple moving average.
Finally, the price traded below the $0.2950 support area and tested the $0.2880 support zone. The recent low was formed near $0.2889 and the price is currently correcting higher.
An immediate resistance is near the $0.2930 level and the 100 hourly SMA. The next key resistance area is near the $0.2940 level. Besides, the 50% Fib retracement level of the recent decline from the $0.2981 high to $0.2889 low is near the $0.2935 level.
More importantly, there is a major bearish trend line forming with resistance near $0.2945 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $0.2981 high to $0.2889 low.
Therefore, an upside break above the $0.2950 zone is needed for the bulls to take over. In the mentioned case, ripple could recover and trade towards the $0.3000 resistance. The next major resistance is near the $0.3050 and $0.3060 levels.
On the downside, an initial support is near the $0.2900 area. However, the main support is near the $0.2880 level. If there is a daily close below $0.2880, the price could accelerate lower towards the $0.2850 and $0.2840 levels in the near term.
Looking at the chart, ripple price is facing many hurdles on the upside near $0.2950. Having said that, as long as there is no close below the $0.2880 support, there are chances of a fresh increase above the $0.2950 zone. Conversely, the price could start an extended decline towards $0.2840 or even $0.2800.
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it may break the 50 level.
Major Support Levels – $0.2900, $0.2880 and $0.2850.
Major Resistance Levels – $0.2940, $0.2950 and $0.3000.
Published at Mon, 04 Nov 2019 04:08:49 +0000