Ripple price formed a decent support at $0.2450 against the US Dollar. XRP/USD rebounded, but it is facing many significant hurdles near $0.3020 and $0.3150.
Key Talking Points
After a sharp downward move, Ripple price found support near the $0.2450 level against the US Dollar. The XRP/USD pair started a solid rebound and moved above the $0.2750 resistance level.
Looking at the chart, the price gained traction above the $0.2750 level. It even moved past $0.2820 and the 38.2% Fib retracement level of the last decline from the $0.3583 high to $0.2456 low.
However, the upside move was capped by a strong resistance near the $0.3000-0.3020 zone. More importantly, two bearish trend lines prevented gains with current resistance near $0.3020 on the 2-hours chart of the XRP/USD pair.
Additionally, the 50% Fib retracement level of the last decline from the $0.3583 high to $0.2456 low also acted as a major hurdle for buyers. The price failed to move past $0.3020 and retreated.
It declined below the $0.2880 level and is currently trading in a range near the $0.2800. On the downside, there is a key support formed near $0.2700. Below this, the price could resume its decline back towards the $0.2550 and $0.2500 levels.
On the upside, ripple buyers need to push the price above the trend lines and $0.3020. Above these, the next hurdle is at $0.3150, which was a support earlier.
Overall, ripple price could make another attempt to clear hurdles near $0.3020. If it fails, sellers may perhaps take control for a fresh bearish wave towards the $0.2700 and $0.2550 support levels in the near term.
The market data is provided by TradingView.
Key Talking Points […]
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