HomeAltcoin NewsRipple Price Analysis: XRP Remains Supported Despite Recent Pullback

Ripple Price Analysis: XRP Remains Supported Despite Recent Pullback

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  • Ripple price started a major downside correction from close to $0.2550 resistance against the US dollar.
  • The price declined below $0.2400, but it is still trading nicely above the $0.2260 support area.
  • There is a key bullish trend line with support near $0.2265 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to bounce back above $0.2400 unless it breaks the $0.2200 support area.

Ripple price is correcting gains from the $0.2540 high against the US Dollar. XRP price remains well supported for a fresh increase as long as it is above $0.2200.

Ripple Price Analysis

In the past few days, ripple price followed a nice uptrend from the $0.2000 support area against the US Dollar. XRP/USD broke many hurdles near the $0.2200 level to move into a positive zone.

Besides, there was a close above the $0.2200 area and the 55 simple moving average (4-hours). The bulls gained traction and the price rallied above the $0.2300 and $0.2400 levels. Finally, the price spiked above $0.2500 and a high was formed near $0.2540.

Recently, there was a sharp downside correction below the $0.2500 level. Moreover, the price traded below the $0.2400 support. The bears even pushed the price below the 50% Fib retracement level of the upward move from the $0.2001 low to $0.2195 high.

An initial support on the downside is near the $0.2095 level. It represents the 50% Fib retracement level of the upward wave from the $0.2099 low to $0.2540 high.

However, ripple price found support near the $0.2265 level. More importantly, there is a key bullish trend line with support near $0.2265 on the 4-hours chart of the XRP/USD pair.

The 61.8% Fib retracement level of the upward wave from the $0.2099 low to $0.2540 high is also near the $0.2265 area to provide support. The next major support is near the $0.2205 and $0.2200 levels.

If the price settles below $0.2200 and the 55 simple moving average (4-hours), it could turn bearish. Conversely, the price is likely to bounce back above $0.2350 and $0.2400.

A successful break and follow through above $0.2400 and $0.2410 might lead the price towards $0.2500 in the near term.

Ripple Price

Looking at the chart, ripple price is correcting lower, but it is approaching a couple of important supports near $0.2265 and $0.2205. As long as there is no close below $0.2200, it could start a fresh increase.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it could surpass the 50 level.

Key Support Levels – $0.2265, $0.2230 and $0.2200.

Key Resistance Levels – $0.2350 and $0.2410.

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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