Ripple is down over 8% from the $0.3250 resistance zone against the US Dollar. XRP price is now approaching a major uptrend support near the $0.2880 and $0.2850 levels.
- Ripple is declining and it broke the $0.3000 support zone against the US dollar.
- The price is currently approaching a crucial support near the $0.2850 level.
- There is a significant bullish trend line with support near $0.2880 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to bounce back as long as it is above the $0.2850 and $0.2800 support levels.
Ripple Price Is Approaching Key Support
After a strong rejection near the $0.3250 resistance, ripple started a fresh decline. The price broke the $0.3120 support level to move into a short-term bearish zone.
The decline gained pace below the $0.3055 and $0.3050 support levels. The bears even pushed the price below the $0.2920 support level and the 100 simple moving average (4-hours). However, the price is now approaching a crucial support near the $0.2880 and $0.2850 levels.
A low is formed near $0.2872 and the price is currently trading with a bearish zone. An initial resistance on the upside is near the $0.2950 level, followed by the 23.6% Fib retracement level of the recent decline from the $0.3274 high to $0.2872 low at $0.2965.
Ripple (XRP) price trades below $0.3000. Source: TradingView.com
The 100 simple moving average (4-hours) is at $0.3000 to stop the upward move. The first major resistance is near the $0.3055 and $0.3065 levels. It is close to the 50% Fib retracement level of the recent decline from the $0.3274 high to $0.2872 low.
On the downside, there is a strong support waiting near $0.2850 and $0.2800. If ripple fails to stay above the $0.2800 support zone, it could dive further towards the $0.2500 support in the near term.
Fresh Increase in XRP?
If ripple stays above the $0.2880 and $0.2850 support levels, it could form a new base for a fresh increase. To start a decent increase, it must recover above $0.3000.
The main hurdle is now near the $0.3055 and $0.3065 levels, above which the bulls are likely to aim a retest of the $0.3250 resistance zone in the coming sessions.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining strength in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $0.2880, $0.2850 and $0.2800.
Major Resistance Levels – $0.2950, $0.3000 and $0.3055.
