Ripple Price Analysis: XRP/USD Likely To Recover Towards $0.225
Ripple price started a decent upside correction after a massive decline to $0.1975. XRP to USD is likely to recover towards the $0.2210 or $0.2250 resistance area in the near term.
Key Takeaways: XRP/USD
- Ripple price traded as low as $0.01974 and it is currently recovering higher against the US Dollar.
- XRP/USD traded above the $0.2065 resistance and a declining channel barrier on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also correcting higher and it is trading above the $8,000 level.
Ripple Price Analysis
In the past few days, we saw a massive decline in ripple price below the $0.2250 and $0.2210 support levels. XRP to USD even broke the $0.2075 support level to enter a bearish zone.
Looking at the 2-hours chart, ripple price finally spiked below the $0.2020 support level and settled well below the 50 simple moving average (2-hours, purple). A new monthly low was formed near the $0.1974 level and the price is currently correcting higher.
There was break above the $0.2000 and $0.2020 levels. Furthermore, the price climbed above the 23.6% Fib retracement level of the recent slide from $0.2448 to $0.1974.
More importantly, ripple price traded above the $0.2065 resistance and a declining channel barrier on the 2-hours chart. The price is now gaining bullish momentum above the $0.2100 resistance area.
However, there are many hurdles on the upside near the $0.2200 and $0.2210 levels. The 50% Fib retracement level of the recent slide from $0.2448 to $0.1974 is also near the $0.2210 level.
The main resistance is near the $0.2245 and $0.2250 levels (the previous breakdown zone). Besides, the 50 simple moving average (2-hours, purple) is positioned near the $0.2240 level.
Therefore, ripple price is likely to face a strong selling interest if it reaches near $0.2240 and $0.2250. Conversely, XRP price might fail to continue above the $0.2200 and $0.2210 resistance levels. On the downside, the main supports are visible near the $0.2020 and $0.2000 levels.
Overall, the bears seem to be in control below $0.2740 and ripple might slide further below $0.2600.