Ripple price is forming a decent support base near the $0.2300 level against the US dollar.The price is facing a lot of hurdles on the upside near $0.2450 and $0.2500.There is a solid bearish trend line forming with resistance near $0.2440 on the hourly chart of the XRP/USD pair (data source from Kraken).The price could spike towards $0.2550 or $0.2650 before it starts a fresh decrease in the near term.
Ripple price is currently consolidating above key supports against the US Dollar, while bitcoin is declining. XRP price is likely to face sellers if it climbs towards the $0.2650 resistance.Ripple Price AnalysisRecently, we saw a sharp decline in ripple price below the $0.2650 support against the US Dollar. The XRP/USD pair even broke the $0.2250 support and settled well below the 100 hourly simple moving average.
A low was formed near $0.2062 and the price recently corrected higher. It broke the $0.2250 and $0.2300 resistance levels. Moreover, the price is forming a decent support base near the $0.2300 level.The last swing low was near $0.2244 before the price started an upside correction. There was a break above the $0.2350 resistance. Moreover, the price surpassed the 50% Fib retracement level of the recent drop from the $0.2502 high to $0.2244 low.
However, the price seems to be facing a strong resistance near the $0.2450 level. There is also a solid bearish trend line forming with resistance near $0.2440 on the hourly chart of the XRP/USD pair.The trend line is close to the 76.4% Fib retracement level of the recent drop from the $0.2502 high to $0.2244 low. Above the trend line, the next important resistance is near the $0.2500 and $0.2550 levels. The 100 hourly simple moving average is also near the $0.2550 level. The current price action suggests that ripple could spike towards the $0.2500 or $0.2650 resistance area before it starts a fresh decrease.
Only a successful close above $0.2650 could start a strong rise in the near term. If not, there are chances of more downsides below the $0.2320 and $0.2300 support levels. The next key support is near the $0.2250 level, below which the price may perhaps retest $0.2060.Looking at the chart, ripple price is consolidating above the $0.2300 support area. There could be another rise, but upsides are likely to be capped near $0.2550 or $0.2650.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a positive angle.Major Support Levels – $0.2300, $0.2250 and $0.2200.Major Resistance Levels – $0.2450, $0.2550 and $0.0.2650. Source