Ripple XRP sharply adjusted lower and broke through the support area of $ 0.3000 against the US dollar. XRP is now trading near key support of $ 0.2640, and it should break through $ 0.2900 for new growth.
Ripple’s price is currently consolidating above the key support area of $ 0.2640 against the US dollar.
Bitcoin is also trading above the key support area of $ 10,500.
On the 4-hour chart of the XRP / USD pair (data source from the Kraken exchange), the main bearish trend line is formed with a resistance of about $ 0.2860.
A clear break above $ 0.2900 and $ 0.3000. required to rise to the area of $ 0.3400.
Ripple XRP may rise again in price
This week we saw a strong downward correction at the level of lower support of $ 0.3200 and $ 0.3000 against the US dollar. The price of XRP even fell below the $ 0.3000 area and the 100 moving average (4H chart).
Finally, he broke support at $ 0.2800 and tested a key support area at $ 0.2640. A critical support line is formed around $ 0.2609, and the price is currently consolidating. Ripple XRP recovered above the Fibonacci retracement level of 23.6% from a recent decline from a high of $ 0.3089 to a low of $ 0.2609.
On the other hand, there are many key resistance zones formed for the Ripple XRP near the price range of $ 0.2900 and $ 0.3000. In addition, the main bearish trend line with a resistance of about $ 0.2860 is formed on the 4-hour chart of the XRP / USD pair.
The trend line coincides with a Fibonacci retracement level of 50% from a recent decline from a high of $ 0.3089 to a low of $ 0.2609. Above the trend line, there is a 100 moving average (4 hours) near the level of $ 0.2900.
Thus, for a new upward movement in the near future, a clear breakthrough is needed above the levels of $ 0.2900 and $ 0.3000. In this case, the price may rise to the levels of $ 0.3400 and $ 0.3500.
Large breakdown area
The main support at the lower level is around $ 0.2640. If the price cannot break above the resistance level of $ 0.3000, there is a risk of a bearish breakdown below the support area of $ 0.2640.
The next key support is near the $ 0.2460 level, below which the bears are likely to seek a greater decline. In this case, the next bearish target may be a test level of $ 0.2000.
4-hour MACD – MACD for XRP / USD is about to return to the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is currently being adjusted from level 50.
The main support levels are $ 0.2640, $ 0.2450 and $ 0.2200.
The main resistance levels are $ 0.2860, $ 0.2900 and $ 0.3000.