2020-9-21 10:48 |
Ripple is facing an uphill task near the $0.2500 resistance against the US Dollar. XRP price could nosedive if it struggles to clear the main $0.2500 barrier.
Ripple is currently consolidating above the $0.2425 and $0.2380 levels against the US dollar. The price is facing a strong resistance near the $0.2500 level and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $0.2505 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline heavily below the $0.2425 support unless it surges past $0.2500. Ripple Price is Following a DowntrendAfter forming a short-term top near the $0.2580 zone, ripple started a fresh decline. XRP price broke the $0.2500 and $0.2480 support levels to move into a short-term bearish zone.
The price even settled below the $0.2480 level and the 100 hourly simple moving average. It traded as low as $0.2426 and currently consolidating losses. It corrected above the 23.6% Fib retracement level of the recent decline from the $0.2547 high to $0.2426 low.
However, ripple is facing a lot of hurdles on the upside, starting with $0.2480 or the 50% Fib retracement level of the recent decline from the $0.2547 high to $0.2426 low.
Ripple price trades below $0.2500. Source: TradingView.comThere is also a key declining channel forming with resistance near $0.2515 on the hourly chart of the XRP/USD pair. An intermediate resistance for the bulls is near the $0.2500 zone and the 100 hourly simple moving average. A successful break above the $0.2500 and $0.2515 levels is must to overcome the current selling pressure.
The next major resistance is near the $0.2550 level, above which the price might attempt to clear the $0.2580 and $0.2600 levels in the coming sessions.
Bearish Break in XRP?If ripple fails to clear the $0.2500 and $0.2515 resistance levels, there are chances of more losses. An initial support on the downside is near the $0.2425 swing low.
The main support is forming near the $0.2400 level and the channel lower trend line. A close below the $0.2400 support might increase selling pressure and the price could decline sharply towards $0.2300 or $0.2250.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher, but it is still below the 50 level.
Major Support Levels – $0.2425, $0.2400 and $0.2320.
Major Resistance Levels – $0.2480, $0.2500 and $0.2550.
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