Ripple is holding the key $0.2380 support zone against the US Dollar. XRP price must climb above $0.2450 to increase the chances of an upside break above $0.2550.
- Ripple is likely forming a crucial breakout pattern with support near $0.2380 against the US dollar.
- The price is now trading near the $0.2420 pivot level and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.2450 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could either start a strong increase above $0.2450 or nosedive below $0.2380.
Ripple Price is Holding Critical Support
This week, we saw range moves in bitcoin, Ethereum, and ripple. XRP price remained stable above the key $0.2380 support level and it seems to be preparing for the next major break in the coming sessions.
The last swing high was near $0.2550 before the price corrected lower. It broke the $0.2450 support level. There was also a break below the 23.6% Fib retracement level of the key rise from the $0.2195 low to $0.2550 swing high.
However, the price is holding the key $0.2380 support level. It is close to the 50% Fib retracement level of the key rise from the $0.2195 low to $0.2550 swing high.
Ripple (XRP) price trades below $0.2450. Source: TradingView.com
The price is now trading near the $0.2420 pivot level and the 100 simple moving average (4-hours). The first major resistance is near the $0.2450 level. There is also a significant bearish trend line forming with resistance near $0.2450 on the 4-hours chart of the XRP/USD pair.
If there is an upside break above the trend line resistance, the price could revisit the $0.2550 resistance. A successful close above the $0.2550 resistance could initiate a sustained upward move towards $0.2720 or $0.2750.
Bearish Break in XRP?
If ripple fails to surpass the $0.2450 resistance or the $0.2550 high, it could start a strong decline. The first breakdown support is near the $0.2380 level.
A clear break and close below the $0.2380 support level might push the price towards the $0.2300 support. The next major support zone is near the $0.2200, where the bulls could emerge.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.
Major Support Levels – $0.2400, $0.2380 and $0.2300.
Major Resistance Levels – $0.2450, $0.2500 and $0.2550.