HomeAltcoin NewsRipple Price Analysis: XRP Testing Crucial Support, Bounce Incoming?

Ripple Price Analysis: XRP Testing Crucial Support, Bounce Incoming?

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  • Ripple price failed to break the $0.3500 resistance and declined sharply against the US dollar.
  • There was a sharp decline below the $0.3260 and $0.3120 support levels.
  • There is a significant bullish trend line formed with support at $0.3010 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
  • The price is clearly trading above key supports and it could bounce back towards $0.3200.

Ripple price declined sharply after it was rejected near the $0.3500 zone against the US Dollar. XRP is currently testing an important support and it could bounce back towards $0.3200 and $0.3250.

Ripple Price Analysis

The past few hours turned out to be game changer for bitcoin, Ethereum, bitcoin cash, eos and ripple price against the US Dollar. Earlier, the XRP/USD pair climbed higher and traded above the $0.3260 and $0.3400 resistance levels. It tested the key $0.3500 resistance area, where sellers emerged. As a result, there was a sharp downward move and the price declined below $0.3310 and $0.3260. There was even a close below the $0.3250 support and the 55 simple moving average (4-hours).

Sellers remained in action and the price traded below the $0.3110 support. However, the decline was protected near a crucial support at $0.3000. Moreover, there is a significant bullish trend line formed with support at $0.3010 on the 4-hours chart of the XRP/USD pair. The pair traded as low as $0.3002 and it is currently correcting higher. An initial resistance is near the $0.3125 level. It coincides with the 23.6% Fib retracement level of the last drop from the $0.3515 high to $0.3002 low.

If there is an upside break above the $0.3125 resistance, the price could trade towards the $0.3250 and $0.3260 resistances. Besides, the 50% Fib retracement level of the last drop from the $0.3515 high to $0.3002 low is positioned near the $0.3258 level. Therefore, if the price corrects higher, it could face a strong barrier near the $0.3250 and $0.3260 resistances. Above $0.3260, the price could revisit the $0.3500 hurdle, which is a solid resistance.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is under a lot of pressure below $0.3125 and $0.3160. Having said that, the price is trading near a major support at $0.3000. Thus, there are high chances of a short-term bounce above the $0.3125 and $0.3150 levels. If there is a downside break below $0.3000, the price could decline to $0.2850.

Technical indicators

4 hours MACD – The MACD for XRP/USD is currently placed heavily in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD declined sharply and settled below the 40 level.

Key Support Levels – $0.3020, $0.3000 and $0.2850.

Key Resistance Levels – $0.3125 and $0.3260.

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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