HomeAltcoin NewsRipple Price Analysis: XRP Approaching Crucial Buy Zone Near $0.2650

Ripple Price Analysis: XRP Approaching Crucial Buy Zone Near $0.2650

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  • Ripple price climbed higher sharply after it broke the $0.2650 resistance against the US dollar.
  • The price is currently correcting lower after it posted a new monthly high near $0.3260.
  • There is a major bullish trend line forming with support near $0.2680 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The price remains well supported on the downside near the $0.2680 and $0.2650 levels.

Ripple price is currently under pressure below $0.3000 against the US Dollar. However, XRP price is likely to bounce back as long as it is above the $0.2650 support.

Ripple Price Analysis

This past week, we discussed the chances of an upside break in ripple price if it breaks $0.2650 resistance against the US Dollar. XRP price did break the $0.2650 resistance and surged above $0.3000. Similarly, there were gains in Ethereum, bitcoin cash, ADA and XLM against the US Dollar, but bitcoin struggled to climb higher. The XRP/USD pair even broke the $0.3120 resistance and the 55 simple moving average (4-hours).

Finally, it traded to a new monthly high near $0.3260 and it is currently correcting lower. It declined heavily below $0.3120 and trimmed most it’s this past week’s gains. Moreover, there was a break below the 50% Fib retracement level of the last major upward move from the $0.2578 low to $0.3260 high. The price even broke the $0.2800 support and the 55 simple moving average (4-hours).

It is now trading below the 76.4% Fib retracement level of the last major upward move from the $0.2578 low to $0.3260 high. On the downside, there is a crucial support area near the $0.2650 level. Moreover, there is a major bullish trend line forming with support near $0.2680 on the 4-hours chart of the XRP/USD pair. If there is a downside break below the $0.2650 support, ripple price could revisit the $0.2450 support area.

Conversely, if there is an upside break above $0.2800 and the 55 simple moving average (4-hours), the price could start a fresh increase. Having said that, the price must stay above the $0.2650 support area to bounce back in the coming sessions.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trimming gains from the $0.3260 swing high. It is now approaching a solid support area near $0.2650. Therefore, it could either bounce back from $0.2650 or it might collapse towards $0.2450 and $0.2200.

Technical indicators

4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a bearish angle.

Key Support Levels – $0.2680, $0.2650 and $0.2500.

Key Resistance Levels – $0.2800 and $0.2950.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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