Ripple price managed to climb above 35 cents against the US dollar. XRP price is currently testing the $ 0.2550 support, where the bulls are likely to take a stand. So will XRP rise?
Ripple price analysis: will XRP rise?
There was a strong recovery wave of over $ 0.3000 in Ripple price against the US Dollar. The XRP / USD pair broke several key hurdles around $ 0.3220 and $ 0.3350 to move into a positive zone.
There was also a close above the $ 0.3220 level and the 55 simple moving average (4-hours). The price even broke 35 cents, but failed to rise above 37 cents. The Bulls made two attempts to clear $ 0.37, but they were unsuccessful.
As a result, there was a bearish reaction below the $ 0.3200 and $ 0.3000 support levels. The bears took control and the price even fell below the $ 0.28 support.
However, the bulls were active near the $ 0.2550 support zone and the 55 simple moving average (4 hours). There is also a major bullish trend line formed with support near $ 0.2560 on the 4-hour chart of the XRP / USD pair. A low around 0.2559 was formed and the price is currently consolidating losses. Initial resistance is near $ 0.2820.
Resistance is near the 23.6% Fib retracement level of the last drop from $ 0.3671 to $ 0.2559. The next major resistance on the upside is near the $ 0.3000 and $ 0.3120 levels.
The 50% Fib retracement level of the last drop from $ 0.3671 to $ 0.2559 is also acting as a hurdle, near $ 0.3100. Closing above $ 0.3100 might open the doors for a new increase. If there is a move in the opposite direction, the price may break the $ 0.2550 support.
Closing below the $ 0.2550 support and the 55 simple moving average (4 hours) could accelerate the current decline. The next big support on the downside is near the $ 0.2200 level.
Looking at the chart, XRP price is trading above a major support of $ 0.2550 and the 55 simple moving average (4-hours). Generally, as long as the price is above $ 0.2550 and $ 0.2560, it can initiate a strong recovery wave.
- 4-hour MACD: Gaining momentum in the bearish zone.
- 4-hour RSI (Relative Strength Index): Well below the 50 level.
- Key Support Levels: 0.2560, 0.2550, and $ 0.2200
- Key Resistance Levels: $ 0.3000 and $ 0.3120