Ripple is struggling to stay above the important $ 0.2600 support against the US dollar. XRP price could plunge if the closing price is below $ 0.2600 and $ 0.2550.
- Ripple is showing some bearish signs below the $ 0.2750 and $ 0.2800 resistance levels against the US dollar.
- The price tests the $ 0.2600 support and is well below the simple moving average of 100 (4 hours).
- A key bearish trendline is forming on the 4-hour chart of the XRP / USD pair (data source from Kraken) with resistance near USD 0.2720.
- The pair could either rise above $ 0.2750 or slide towards the $ 0.2150 support.
Ripple’s XRP price is tough to recover
After Ripple’s XRP price struggled to break the $ 0.3120 resistance, it began to decline again. The price fell sharply below the $ 0.2800 support level and even rose below $ 0.2600.
A low was formed near $ 0.2390 before the price began an upward correction. There was a pause above the $ 0.2500 and $ 0.2550 levels. The price climbed above the 23.6% fib retracement level of the downward move from the high of $ 0.3306 to the low of $ 0.2390.
However, the price appears to be facing resistance near the $ 0.2850 level. An important bearish trendline is also forming on the 4-hour chart of the XRP / USD pair with resistance near USD 0.2720.
Source: XRPUSD on TradingView.com
The trendline is close to the 50% Fib retracement level of the move down from the high of $ 0.3306 to the low of $ 0.2390. XRP is now testing the $ 0.2600 support, which is well below the simple moving average of 100 (4 hours).
If there is a downside break below the USD 0.2600 support level, the bears are likely to gain strength. In the case mentioned, there is a risk of a sharp decline towards the USD 0.2400 and USD 0.2350 levels. The price could even reach the level of USD 0.2150 again in the short term.
Fresh surge in XRP?
If the ripple stays above the USD 0.2600 support zone, there is a chance it will climb again. The first key resistance is near the trendline and at $ 0.2750. The next major resistance is near the USD 0.2800 level and the 100 SMA (H4) level.
A successful close above the $ 0.2800 level could open the doors for a move higher towards the $ 0.3000 and $ 0.3120 levels.
4 Hour MACD – The MACD for XRP / USD is showing negative signs in the bearish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is well below the 50 level.
Key support levels – $ 0.2600, $ 0.2450, and $ 0.2150.
Main Resistance Levels – $ 0.2750, $ 0.2800, and $ 0.35000.