Ripple price is trading nicely above the $0.2300 and $0.2335 support levels. XRP to USD is likely to surge again if it clears the $0.2405 and $0.2415 resistance levels.
Key Takeaways: XRP/USD
- Ripple price declined recently from the $0.2550 high, but it found support near $0.2235 against the US Dollar.
- XRP/USD is currently struggling to clear $0.2400 and a major bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also facing a strong resistance near the $8,750 and $8,800 levels.
Ripple Price Analysis
After a strong rally, ripple price faced sellers near the $0.2550 area. As a result, XRP to USD started a downside correction and traded below the $0.2420 and $0.2400 levels.
Looking at the 2-hours chart, ripple price even settled below $0.2400 and the 50 simple moving average (2-hours, purple). However, the bulls took a stand near the $0.2235 area.
A low is formed near $0.2237 and the price recently recovered above $0.2300 and $0.2350. It even spiked above $0.2400 and the 50 simple moving average (2-hours, purple). At the outset, it seems like ripple price is currently struggling to clear $0.2400 and a major bearish trend line on the 2-hours chart.
If there is a clear break above the $0.2405 and $0.2415 resistance levels, there are chances of more upsides in the near term. The next major resistance is near the $0.2500 and $0.2520 levels.
Any further gains might start a decent increase towards the $0.2560 level. On the downside, an initial support is near the $0.2325 level since it is close to the 50% Fib retracement level of the recent upward move from $0.2237 to $0.2414.
The main support on the downside is near the $0.2300 level. Besides, the 61.8% Fib retracement level of the recent upward move from $0.2237 to $0.2414 is also near $0.2300.
If ripple price fails to stay above the $0.2300 support area, there is a risk of more downsides. In the mentioned case, the price could extend its decline towards the $0.2235 support area.