Ripple Price Analysis: XRP/USD Facing Uphill Task
Ripple price is currently correcting higher from the $0.2460 support. XRP to USD is facing an uphill task near the $0.2560 and $0.2580 resistance levels.
Key Takeaways: XRP/USD
- Ripple price is currently struggling to clear the $0.2560 resistance area against the US Dollar.
- XRP/USD is facing a major hurdle near $0.2550 and a bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is correcting higher, but upsides are likely to remain capped near $8,300.
Ripple Price Analysis
In the past few days, there were steady losses in ripple below the $0.2660 support area. XRP/USD even broke the $0.2580 support area to move further into the red zone.
Looking at the 2-hours chart, ripple price even settled below the $0.2580 level and the 50 simple moving average (2-hours, purple). It opened the doors for more losses below $0.2500 and the price traded to a new monthly low near the $0.2400.
Later, there were a couple of swing moves and the last low was near the $0.2425 level. Recently, the price corrected above the $0.2500 level. However, the upward move was capped by the $0.2580 resistance area and the 50 simple moving average (2-hours, purple).
A high was formed near $0.2586 before the price started a fresh decline. Ripple price traded below the 50% Fib retracement level of the upward move from $0.2425 to $0.2586.
An immediate support is near the $0.2480 level. It coincides with the 61.8% Fib retracement level of the upward move from $0.2425 to $0.2586. If there is a downside break below the $0.2480 level, the price could continue to move down towards the $0.2460 support.
The next major support is near the $0.2425 level, below which the price could revisit the $0.2400 area. On the upside, there are many resistances for buyers, starting with $0.2540.
Moreover, the price seems to be facing a major hurdle near $0.2550 and a bearish trend line on the same chart. The next key resistance for ripple price is near the $0.2580 level, above which it could continue to rise towards $0.2660.