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Ripple (XRP) Price Analysis : Bulls Struggling to Surge above $0.26

  • Recently the price of Ripple recovered, but it failed to break the $0.2600 resistance area against the US dollar.
  • The price is has been moving lower and remains at a risk of more downsides below $0.2500.
  • On the hourly chart of the XRP/USD pair, yesterday’s highlighted major bearish trend line is active with resistance near $0.2580
  • The current technical structure indicates that there might be further downsides as long as the price is below $0.2620.
  • Ripple price is showing bearish momentum against Bitcoin and the US Dollar. If the XRP price continues to struggle below $0.2600, it could trade to a new monthly low.

There was a sharp decline in ripple below the $0.2600 and $0.2580 supports against the US Dollar yesterday. The bears, taking control, pushed the price below the $0.2500 support level.

The price settled below the 100 hourly SMA and traded to a new monthly low at $0.2460. There was an upside correction above the $0.2500 and $0.2520 levels recently.

The price also traded above the $0.2580 resistance level. However, the $0.2600 and $0.2620 resistance levels proved to be key barriers. The price finally topped near $0.2623. It is currently moving lower.

Ripple is trading below the $0.2550 level.  It is also trading below the 50% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high. Immediate support is near the $0.2520 level on the downside.

Moreover, the 61.8% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high being near the $0.2520 level, a downside break below it could accelerate the decline. Somewhere near the last swing low at $0.2460 could be the next stop for the bears. The price may perhaps continue further downwards towards the $0.2420 and $0.2400 supports.

There is a major resistance forming near the $0.2580 and $0.2600 levels on the upside. In addition, major bearish trend line highlighted yesterday is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair. Consequently, it will be difficult for the bulls to push the price above the $0.2580 and $0.2600 resistances.

The price of ripple is clearly struggling to continue higher above $0.2580 and $0.2600. A clear break below $0.2520 and $0.2500 is likely to push the price further lower on the downside. In the near term, the bears are likely to target the $0.2420 and $0.2400 support levels.

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About Shreya Kapoor

20 y/o budding journalist, with a tinge of good vocabulary.

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