Ripple Price Analysis: XRP/USD Gains Could be Limited
Ripple price remained in a major downtrend below $0.3120 support against the US Dollar. XRP/USD recently found support near $0.2520 and it is currently recovering.
Key Talking Points
Ripple price traded towards the $0.2520 level where buyers emerged against the US Dollar.
There was a break above a major declining channel with resistance at $0.2705 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
XRP price is currently above $0.2700, but it could face sellers near the $0.2788 and $0.2820.
Ripple Price Forecast
There were more losses noted below the $0.3120 support in Ripple price against the US Dollar. The XRP/USD pair broke the $0.2820 and $0.2700 support levels this week and traded towards $0.2500.
Looking at the chart, the price even settled below the $0.2820 pivot level and the 100 SMA (2-hours). A new monthly low was formed at $0.2530 and later the price started an upside correction.
Buyers were successful in pushing the price above the $0.2640 and $0.2680 resistance levels. There was also a break above the 23.6% Fib retracement level of the recent drop from the $0.3046 high to $0.2530 low.
More importantly, there was a break above a major declining channel with resistance at $0.2705 on the 2-hours chart of the XRP/USD pair. The pair settled above the $0.2700 level, but it is facing a lot of barriers on the upside near the $0.2820 level.
An initial resistance is near $0.2788 and the 50% Fib retracement level of the recent drop from the $0.3046 high to $0.2530 low. Above this, the $0.2820 level is a crucial hurdle along with the 100 SMA (2-hours).
If XRP succeeds in settling above the 100 SMA (2-hours) and $0.282, it could recover further towards the $0.2924 level.
On the other hand, if ripple price fails to move above the $0.2820 resistance or the 100 SMA (2-hours), there could be a fresh downside reaction. Supports are seen near the $0.2620 and $0.2520 levels in the near term.