Friday, August 23, 2019

Ripple Price (XRP) Won’t Go Quietly: Risk of Bounce Grows

This post was originally published here

Ripple price is holding the $0.3140 support area, but struggling to gain traction against the US dollar.The price is facing a strong resistance near the $0.3200 and $0.3220 levels.There is a key bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely to climb higher steadily as long as there is no bearish break below $0.3140 and $0.3120.Ripple price is struggling to rise steadily against the US Dollar, while bitcoin climbed 4%. XRP price might start a decent increase if it breaks the $0.3180 and $0.3200 resistances.Ripple Price AnalysisAfter trading as high as $0.3240, ripple price started a downside correction against the US Dollar. Ethereum price is also trading in a range, while bitcoin price is up around 4% and broke the key $10,200 resistance. The XRP/USD pair corrected below the $0.3180 and $0.3160 levels. It even traded below the $0.3140 support and the 100 hourly simple moving average. However, the $0.3120 support prevented additional losses and the price recovered recently.The price traded above the $0.3140 and $0.3150 levels. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.3240 high to $0.3120 low. The recent recovery seems to be facing resistance near the $0.3180 level. Additionally, the 50% Fib retracement level of the recent decline from the $0.3240 high to $0.3120 low is acting as a resistance.Therefore, a break above the $0.3180 level might open the doors for more gains. The main resistances on the upside are near $0.3200 and $0.3220. A clear break above $0.3220 might set the pace for more upsides towards the $0.3300 and $0.3320 levels. On the downside, there is a key bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair.Therefore, a downside break below the trend line support might start a fresh decline below $0.3140. The next key support is at $0.3120, below which there is a risk of heavy losses in the near term.Ripple Price Analysis XRP ChartLooking at the chart, ripple price is clearly trading above a couple of important supports near $0.3140 and $0.3120. As long as there is no downside break, there are chances of a slow and steady rise above $0.3180. Having said that, a close above $0.3220 is must for uptrend continuation.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently reducing its bullish slope.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level and is moving higher.Major Support Levels – $0.3150, $0.3140 and $0.3120.Major Resistance Levels – $0.3200, $0.3220 and $0.3240.

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Name Price24H (%)
Bitcoin (BTC)
$10,370.96
1.72%
Ethereum (ETH)
$193.92
-0.16%
XRP (XRP)
$0.275860
1.37%
Litecoin (LTC)
$75.08
1.20%
Stellar (XLM)
$0.069101
0.32%
Monero (XMR)
$82.90
0.17%
EOS (EOS)
$3.67
-0.58%
Bitcoin Cash (BCH)
$310.62
-1.11%

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