Ripple (XRP) Price Analysis: Buyers Facing Significant Hurdle

Ripple (XRP) Price Analysis: Buyers Facing Significant Hurdle

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 XRP Price

Ripple Price Analysis

This past week, there was a slow and steady decline from well above $0.3200 in ripple price. Sellers pushed the price below the $0.3100 and $0.3000 support levels.

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 current price action is still bearish for bitcoin, ripple, Ethereum, and other major altcoins. BTC must break the $3,500 resistance and Ethereum must surpass $95-100 to move into a positive zone.

The market data is provided by TradingView, Bitfinex.

The post Ripple (XRP) Price Analysis: Buyers Facing Significant Hurdle appeared first on Blockonomi.

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