Ripple failed on more than two occasions near $0.2600 and $0.2640 against the US Dollar. XRP price could nosedive if there is a break below the $0.2500 support.
- Ripple traded as high as $0.2644 and recently corrected lower against the US dollar.
- The price is trading well above the $0.2500 support and the 100 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $0.2515 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a strong rally if it clears the $0.2600 and $0.2640 levels in the near term.
Ripple’s XRP Price is Approaching Key Break
After finding bids near the $0.2440 and $0.2450 support level, ripple’s XRP price started a steady increase. The price broke the $0.2500 resistance zone and settled well above the 100 simple moving average (4-hours).
It even broke the $0.2600 resistance level. However, the bulls are still struggling to gain strength above the $0.2600 and $0.2640 resistance levels. A swing high was formed near $0.2644 before the price started a downside correction.
There was a break below the $0.2550 level, and the price traded below the 50% Fib retracement level of the recent upward move from the $0.2463 low to $0.2644 high.
Source:
The decline found support near the $0.2500 zone. The Fib retracement level of the recent upward move from the $0.2463 low to $0.2644 high is also acting as a support. More importantly, there is a crucial bullish trend line forming with support near $0.2515 on the 4-hours chart of the XRP/USD pair.
On the upside, the price is clearly facing a huge resistance near $0.2600 and $0.2640. If there is a successful break above the $0.2640 resistance zone, the price might start a strong rally. The next major resistance could be near $0.2720, followed by $0.2800.
Key Support for XRP
If ripple fails to clear the $0.2600 and $0.2640 resistance levels, there is a risk of a bearish breakdown. The first key support is near the trend line and the $0.2500 level.
The next major support is near the $0.2460 level and the 100 simple moving average (4-hours), below which the price might dive towards the $0.2300 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.
Major Support Levels – $0.2515, $0.2500 and $0.2460.
Major Resistance Levels – $0.2600, $0.2640 and $0.2720.
