Key Highlights
- Ripple price is trading below a major resistance at $1.42-1.44 against the US dollar.
- This week’s highlighted crucial bearish trend line with current resistance at $1.4200 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break the $1.45 resistance and settle above the 100 hourly simple moving average.
Ripple price is struggling to gain bullish momentum against the US Dollar and Bitcoin. XRP/USD has to overcome a major hurdle at $1.45-1.50 to resume its uptrend.
Ripple Price Resistance
The last low of $1.1316 is holding losses in Ripple price against the US Dollar. However, the price seems to be struggling to gain traction above $1.50. It recently recovered above the 50% Fib retracement level of the last leg down from the $1.635 high to $1.131 low. But, the upside move was capped by the $1.45 resistance and the 100 hourly simple moving average.
Moreover, the 61.8% Fib retracement level of the last leg down from the $1.635 high to $1.131 low acted as a resistance. Most importantly, this week’s highlighted crucial bearish trend line with current resistance at $1.4200 is still in place on the hourly chart of the XRP/USD pair. Therefore, the pair is facing a major upside hurdle at $1.45 and the 100 hourly SMA. A proper close above the started $1.45 resistance is needed for buyers to get control. The next major resistance above $1.45 sits at $1.65.
On the downside, the recent low of $1.13 is a decent support. An immediate support is at $1.22. If the price fails to stay above the $1.22 support, then it could even break the $1.13 low for more declines.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving to and fro around the 50 level.
Major Support Level – $1.2200
Major Resistance Level – $1.4500
Charts courtesy – Trading View, Kraken
