Ripple Shows Early Signs Of Increase But The Bulls Have Troubles

Ripple shows early signs of fresh increase despite extending its decline and testing the $0.2800 support against the US dollar. XRP is likely to start a slower and steady rise as long as it stays above $0.2800 support as we are reading more in the XRP news today.

Ripple failed to stay above the $0.2850 support and tested the $0.2800 region against the US dollar as the price traded close to a weekly high of $0.2790 level and is now above the 100 hourly SMA.
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There’s a break above the key bearish trend line with a resistance close to the $0.2900 on the XRP/USD charts as the pair is now struggling to gain bullish momentum above the $0.2905.

Ripple shows early signs of increase as in the past three sessions the coin was mostly bearish hitting levels around $0.3000. The XRP price failed to stay above the $0.2950 support and settled below the 100 hourly simple moving average. The new weekly low is formed close to the $0.2790 and the price is correcting higher. There was also a break above the $0.2850 resistance and a break above the key bearish trend line with a resistance of $0.2900 on the hourly charts.

Ripple then spiked above the 23.6% Fib retracement level from the decline of $0.3274 high to the $0.2790 low. The bulls however seemed to be struggling to gain strength above the $0.2905 and the $0.2920 resistance levels. If there’s a clear break above the $0.2920 resistance, the price will start moving towards $0.3000 resistance while it seems that there’s a major hurdle forming close to the $0.3000 level and the 100 hourly SMA. The 50% fib retracement level of the decline from $0.3274 to the $0.2790 low is also nearing the $0.3030 level.

A close above this level could open the doors for another increase. In this case, the XRP price as we reported in the XRP news today, there’s a chance for the price to rise towards $0.3120 and $0.3155. The main support is near the $0.2800 region so if Ripple fails to settle above $0.2920, there’s a risk of another downside below $0.2800. A daily close below the $0.2800 support level will open the doors for a bigger drop as the next support could be $0.2650 and $0.2620. The hourly MACD for the pair is moving into the bullish zone. The hourly RSI for the pairs is above the 40 levels while major support levels include $0.2820, $0.2800, and $0.2750.