Ripple Price Action Is Positive After Yesterday’s Correction

The Ripple price action is the first topic we will discuss in today’s cryptocurrency news, mostly because the coin managed to fall to the $0.2220 support area after which it surged and corrected its losses. At press time, XRP is trading near the $0.2320 level and will soon attempt a new breakout above $0.2400.

Yesterday was a bad day for the markets. We saw a strong decline in the Ripple price action, going below $0.2350 and its 100 hourly simple moving average. XRP formed a low at $0.2229 and it is currently correcting higher above the $0.2300 and $0.2350 resistance levels. It also climbed above the 23.6% Fib retracement level of the downward move from the $0.2860 high to the $0.2229 swing low.

The current price action is still a bit in the red, but Ripple’s token seems to be facing a couple of key hurdles near the $0.2450 and $0.2500 levels. The XRP news today show that there is a major bearish trend line forming with resistance near $0.2430 on the hourly chart of the XRP/USD pair.

Above this trend line, the main resistance is near the $0.2500 area and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the high at $0.2860 to the $0.2229 swing low is near the $0.2540 level, acting as a significant resistance.

Therefore, a clear break above the trend line and a follow up move above the $0.2500 resistance is must if the altcoin is about to start a strong rally. The Ripple price action must settle above the $0.2500 area and as analysts say, doing this will allow the price to rise steadily towards $0.2850 and $0.3000 in the coming days.

If the XRP cryptocurrency fails to climb above these levels, there are chances of revisiting the $0.2200 region again. Still, the outlook is optimistic by many now and an initial support is near the $0.2350 level. The next key supports on the downside are visible in the $0.2250 and $0.2220 levels. And the technical indicators are as following:

• Hourly MACD – The MACD for XRP/USD is very slow when moving into the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level, with a positive sentiment now.
• Major Support Levels – $0.2350, $0.2250 and $0.2220.
• Major Resistance Levels – $0.2450, $0.2500 and $0.2540.

All in all, the Ripple price action must re-ignite in order to submit new gains and reclaim its February’s positive momentum.