Ripple price is showing bearish signs against the US Dollar, similar to bitcoin and Ethereum. XRP price must stay above $0.2650 to start a decent recovery in the near term.
Ripple Price Analysis
In the past few days, ripple price followed a bearish path and settled below $0.300 against the US Dollar. The XRP/USD pair even broke the $0.2850 support area and the 100 hourly simple moving average. The recent decline was such that the price traded below the $0.2720 level and tested the main support area near $0.2650 (the previous breakout resistance).
The recent low was formed near $0.2640 and the price is currently consolidating. An immediate resistance is near the $0.2695 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $0.2864 high to $0.2640 low. On the upside, there are many resistances near the $0.2750 and $0.2800 levels. Additionally, the 50% Fib retracement level of the recent decline from the $0.2864 high to $0.2640 low is near $0.2752.
More importantly, there is a major declining channel forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair. The channel resistance is close to the 100 hourly SMA at $0.2820. Therefore, ripple price is likely to face a strong resistance near the $0.2800 and $0.2850 levels. A successful close above the $0.2850 resistance could open the doors for the fresh increase. Read More...