Ripple (XRP) Trading Near Make-or-Break Levels, Can Bulls Break This?
This week, we saw a strong downside correction in ripple below the $0.3200 and $0.3000 support levels against the US Dollar. XRP price even settled below the $0.3000 area and the 100 simple moving average (4-hours).
Finally, it broke the $0.2800 support and tested the key $0.2640 support area. A swing low is formed near $0.2609 and the price is currently consolidating. It recovered above the 23.6% Fib retracement level of the recent decline from the $0.3089 high to $0.2609 low.
On the upside, there are many key hurdles forming for ripple near $0.2900 and $0.3000. Besides, there is a major bearish trend line forming with resistance near $0.2860 on the 4-hours chart of the XRP/USD pair.
The trend line coincides with the 50% Fib retracement level of the recent decline from the $0.3089 high to $0.2609 low. Above the trend line, the 100 simple moving average (4-hours) is positioned near the $0.2900 level.
Therefore, a clear break above the $0.2900 and $0.3000 levels is needed for a fresh increase in the near term. In the mentioned case, the price could rally towards the $0.3400 and $0.3500 levels
Major Breakdown Zone
The main support on the downside is near the $0.2640 level. If ripple price fails to continue above the $0.3000 resistance, there is a risk of a bearish breakdown below the $0.2640 support area.
The next key support is near the $0.2460 level, below which the bears are likely to aim a larger decline. In this case, the next target for the bears could be near the $0.2000 level in the coming days.