- Ripple price made an attempt to settle above the $0.2250 resistance against the US Dollar, but failed.
- Yesterday’s highlighted descending channel with current resistance at $0.2230 on the hourly chart of XRP/USD (data source from Kraken) is intact.
- The price needs to settle above the $0.2250 level in order to gain traction.
Ripple price failed to hold gains against the US Dollar and Bitcoin. Let’s see if XRP/USD can settle above the $0.2250 level or not.
Ripple Price Upside Hurdle
In yesterday’s analysis, we saw a major hurdle for Ripple price around $0.2250 against the US Dollar. The price slowly moved higher and traded above the $0.2250 level. There was even a break above the 76.4% Fib retracement level of the last drop from the $0.2285 high to $0.2065 low. However, it turned out to be a false break, as the price moved back below $0.2250. Yesterday’s highlighted descending channel with current resistance at $0.2230 on the hourly chart of XRP/USD acted as a barrier.
The price failed to settle above the channel resistance area at $0.2250 and moved down. A high was formed at $0.2302 before a pullback. The price dropped and moved below the 50% Fib retracement level of the last wave from the $0.2075 low to $0.2302 high and the 100 hourly simple moving average. There is a new connecting bullish trend line with support at $0.2150, which is acting as a support.
As long as the price is above the trend line support at $0.2150, buyers might attempt another upside break. They need to place the price comfortably above $0.2250 for further gains towards the $0.24 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is almost flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is under pressure and struggling to move higher.
Major Support Level – $0.2150
Major Resistance Level – $0.2250
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.