Ripple price stayed above the $0.6600 support and recovered against the US Dollar. However, XRP/USD is facing a tough resistance near $0.7200 and $0.7500.
Key Talking Points
- Ripple price is holding a major support level at $0.6600 against the US Dollar.
- There is a monster bearish trend line formed with resistance at $0.7180 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair has to move above the $0.7180 resistance and then $0.7500 for more gains.
Ripple Price Forecast
There were mostly ranging moves in Ripple price above the $0.6300 level against the US Dollar. The XRP/USD pair remained confined in a range above $0.6300 and $0.6500 with a couple of positive moves.
Looking at the chart, the price faced a strong resistance near $0.7500. There were a few attempts to break the stated $0.7500 resistance, but buyers failed, which resulted in a downside move.
The price dropped sharply and moved below the 50% Fib retracement level of the last wave from the $0.6315 low to $0.7505 high. However, the downside move was protected by the $0.6600 support level.
Moreover, the 76.4% Fib retracement level of the last wave from the $0.6315 low to $0.7505 high also acted as a support. It recovered from the $0.6600 support and moved above the $0.7000 resistance.
However, there is a strong resistance near $0.7200 and the 100 simple moving average (2-hours). More importantly, there is a monster bearish trend line formed with resistance at $0.7180 on the 2-hours chart of the XRP/USD pair.
Therefore, a break above the trend line, $0.7200, and the 100 SMA is required for buyers to gain bullish momentum. Above $0.7200, the next challenge for buyers sits near the $0.7500 level.
On the flip side, if the price fails to move above $0.7200, there is a chance if it moving back towards the $0.6600 support level. XRP price must hold the stated $0.6600 support to avoid further losses towards $0.6300 and $0.6200 in the near term.
The market data is provided by TradingView.