Ripple price is trading in the bullish zone above $0.2300 against the US Dollar. XRP/USD upside faces resistances near $0.2630 and $0.2850.
Key Talking Points
Ripple price is slowly moving higher and is currently above the $0.2300 support against the US Dollar.
There is a crucial bullish trend line forming with support at $0.2300 on the 4-hours chart of XRP/USD (Data feed via Bittrex).
The pair might continue to rise, but it faces two major resistances near $0.2630 and $0.2850.
Ripple Price Forecast
There were decent gains in Ripple price above $0.2000 against the US Dollar. However, it’s hard to discard the fact that there were two crucial failures in XRP/USD near the $0.2850 and $0.3000 levels.
The price started an upside move from the $0.1800 swing low and tested the $0.3000 handle where sellers protected further gains. There was a correction and then the price made another upside attempt towards $0.2850 where it failed again.
Therefore, there were two crucial failures and the price recently declined towards $0.2110 where it found support. It is currently recovering and is trading above $0.2200, 100 simple moving average (H4) and the 38.2% Fib retracement level of the last decline from the $0.2848 high to $0.2110 low.
On the downside, there is a crucial bullish trend line forming with support at $0.2300 on the 4-hours chart of XRP/USD. The pair is currently trading near the 100 SMA and it recently struggled to break the 61.8% Fib retracement level of the last decline from the $0.2848 high to $0.2110 low.
It seems like the price might trade in a range above $0.2300 for some time before making an upside move towards $0.2630, which is a major resistance area. Above $0.2630, the $0.2850 level is the next major hurdle for buyers.
Overall, the trend is positive for XRP, but the price has to break the $0.2640, $0.2850 and $0.3000 resistance levels to gains further traction in the near term. On the downside, the $0.2300 and $0.2200 levels are decent supports.