Ripple is facing an uphill task near the $ 0.2500 resistance against the US Dollar. XRP price could nosedive if it struggles to clear the main $ 0.2500 barrier.
- Ripple is currently consolidating above the $ 0.2425 and $ 0.2380 levels against the US dollar.
- The price is facing a strong resistance near the $ 0.2500 level and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $ 0.2505 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could decline heavily below the $ 0.2425 support unless it surges past $ 0.2500.
Ripple Price is Following a Downtrend
After forming a short-term top near the $ 0.2580 zone, ripple started a fresh decline. XRP price broke the $ 0.2500 and $ 0.2480 support levels to move into a short-term bearish zone.
The price even settled below the $ 0.2480 level and the 100 hourly simple moving average. It traded as low as $ 0.2426 and currently consolidating losses. It corrected above the 23.6% Fib retracement level of the recent decline from the $ 0.2547 high to $ 0.2426 low.
However, ripple is facing a lot of hurdles on the upside, starting with $ 0.2480 or the 50% Fib retracement level of the recent decline from the $ 0.2547 high to $ 0.2426 low.
Ripple price trades below $ 0.2500. Source: TradingView.com
There is also a key declining channel forming with resistance near $ 0.2515 on the hourly chart of the XRP/USD pair. An intermediate resistance for the bulls is near the $ 0.2500 zone and the 100 hourly simple moving average. A successful break above the $ 0.2500 and $ 0.2515 levels is must to overcome the current selling pressure.
The next major resistance is near the $ 0.2550 level, above which the price might attempt to clear the $ 0.2580 and $ 0.2600 levels in the coming sessions.
Bearish Break in XRP?
If ripple fails to clear the $ 0.2500 and $ 0.2515 resistance levels, there are chances of more losses. An initial support on the downside is near the $ 0.2425 swing low.
The main support is forming near the $ 0.2400 level and the channel lower trend line. A close below the $ 0.2400 support might increase selling pressure and the price could decline sharply towards $ 0.2300 or $ 0.2250.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher, but it is still below the 50 level.
Major Support Levels – $ 0.2425, $ 0.2400 and $ 0.2320.
Major Resistance Levels – $ 0.2480, $ 0.2500 and $ 0.2550.