Ripple Price (XRP) Is Facing Key Resistance While Bitcoin Is Correcting @newsbtc #Analysis #Technical #Ripple #xrp

• Ripple price retested the $0.3030 support level and recently corrected higher against the US dollar.
• The price seems to be trading in a range with a strong resistance near the $0.3140 level.
• Ther...
  • Ripple price retested the $0.3030 support level and recently corrected higher against the US dollar.
  • The price seems to be trading in a range with a strong resistance near the $0.3140 level.
  • There is an expanding triangle forming with resistance near $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could decline again if it continues to struggle near the $0.3140 and $0.3150 resistance levels.

  Ripple price is facing a lot of key resistances against the US Dollar and bitcoin. XRP price could extend its losses unless it climbs back above $0.3140 and $0.3200 in the coming sessions.

  Ripple Price Analysis

  Recently, there was a sharp decline in ripple price from the $0.3280 resistance against the US Dollar. The XRP/USD pair broke many important supports near $0.3200 and $0.3140 to enter a bearish zone. Moreover, the price spiked below the $0.3050 support and the 100 hourly simple moving average. However, the $0.3030 support level acted as a decent support and the price bounced back above $0.3050.

  There was a break above the 23.6% Fib retracement level of the downward move from the $0.3280 high to $0.3055 swing low. Besides, the bulls managed to push the price above the $0.3100, but the $0.3140 level acted as a major hurdle. More importantly, there is an expanding triangle forming with resistance near $0.3145 on the hourly chart of the XRP/USD pair.

  Clearly, the pair failed to surpass the $0.3150 pivot level and the 100 hourly simple moving average. It also stayed well below the 50% Fib retracement level of the downward move from the $0.3280 high to $0.3055 swing low. It seems like the price is facing a strong resistance near the $0.3150 and $0.3160 levels. To start a strong recovery, the price must break $0.3160 and settle nicely above the 100 hourly SMA.

  On the downside, an immediate support is near the $0.3080 level. However, the main supports are near the $0.3050 and $0.3030 levels. If there is a downside break below the $0.3030 support, there could be more losses below the $0.3000 and $0.2980 support levels.

  

  Looking at the chart, ripple price is showing a few bearish signs below $0.3150 while bitcoin managed to move back above $9,500. However, the overall price action suggests range moves above the $0.3030 support level. On the upside, a break above $0.3160 might call for more upsides towards the $0.3280 level.

  Technical Indicators

  Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.

  Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.

  Major Support Levels – $0.3080, $0.3050 and $0.3030.

  Major Resistance Levels – $0.3140, $0.3150 and $0.3160.

  The post Ripple Price (XRP) Is Facing Key Resistance While Bitcoin Is Correcting appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ripple-price-xrp-is-facing-key-resistance-while-bitcoin-is-correcting-5d3e70307be5bcbd3bc16195