Ripple price recovered after trading to a new weekly low at $0.2850. However, there is a significant resistance formed near $0.3000-0.3020 where XPR buyers struggled.
- Ripple price is facing a solid barrier near the $0.3000 and $0.3020 resistances.
- A major bearish trend line is in place with resistance at $0.2980 on the 30-minute chart.
- XRP buyers must gain momentum above $0.3020 for a short term trend change.
Ripple Price Analysis
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.2940 support level and traded as low as $0.2854. Later, there was a base formed for a recovery and the price moved above the $0.2940 resistance and the 25 simple moving average (30-minute).
There was a break above the 23.6% Fib retracement level of the last drop from the $0.3185 high to $0.2854 low. However, the upward move was capped by the key $0.3020 resistance (the previous support).
The price also failed to clear the 50% Fib retracement level of the last drop from the $0.3185 high to $0.2854 low. More importantly, there was no proper close above the $0.3000 and $0.3020 resistances.
XRP retreated from highs and traded below the $0.3000 level and the 25 SMA. To the topside, an initial resistance is near the $0.2950-60 zone. Besides, there is a major bearish trend line is in place with resistance at $0.2980 on the same chart.
Having said that, a proper break above the $0.3020 resistance is must for buyers to gain momentum in the near term. On the downside, the key supports are $0.2900 and $0.2850, below which the price could decline to $0.2650.
The market data is provided by TradingView, Bitfinex.
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