Ripple price is struggling to gain pace above $0.2570 against the US Dollar. XRP price could correct further lower it is breaks the $0.2500 support zone.
Ripple Price Analysis
This past week, there was a strong upward move in ripple price from the $0.2400 support against the US Dollar. The XRP/USD pair broke the $0.2500 resistance zone to move into a positive zone.
There was also a break above the $0.2620 resistance and the price settled well above the 55 simple moving average (4-hours). The pair traded as high as $0.2680 before correcting lower. It traded below the $0.2500 support, but the bulls were able to protect the $0.2440 support.
A low was formed near $0.2447 and the price climbed back above $0.2500. There was a break above the 23.6% Fib retracement level of the recent drop from the $0.2680 swing high to $0.2447 swing low.
However, the price is now facing a strong resistance near the $0.2570 level. It is close to the 50% Fib retracement level of the recent drop from the $0.2680 swing high to $0.2447 swing low. The next major resistance is near the $0.2595 and $0.2600 levels.
A clear break above the $0.2570 and $0.2600 resistance levels could resend ripple price towards the $0.2680 level. Any further gains could lead the price towards the $0.2720 level.
On the downside, there is a major bullish trend line forming with support near $0.2500 on the 4-hours chart of the XRP/USD pair. A downside break below the trend line support could send the pair towards the main $0.2440 support and the 55 simple moving average (4-hours).
Looking at the chart, ripple price is clearly is trading above the $0.2500 support and it is well above the 55 simple moving average (4-hours). Overall, the price could either correct lower towards the $0.2440 support or resume its upside towards $0.2600.
4 hours MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now flat just above the 50 level.
Key Support Levels – $0.2500, $0.2450 and $0.2440.
Key Resistance Levels – $0.2570 and $0.2600.
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