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Ripple (XRP) Price Approaching Key Supports: Can Bulls Regain Strength?

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Ripple (XRP) Price Approaching Key Supports: Can Bulls Regain Strength?

Ripple price started a downside correction after rallying towards $0.4630 against the US dollar.The price declined sharply and broke the $0.4400 and $0.4300 support levels.This week’s followed bullish trend line was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently holding the $0.4200 support level and is trading near a key resistance area.Ripple price is currently struggling to hold gains against the US Dollar and Looking at the chart, ripple price is clearly struggling to hold gains above $0.4200. It must climb above $0.4300 and $0.4320 to avoid any further losses. To start a fresh rally, the price must surpass the $0.4400 barrier. On the other hand, if the price fails to stay above $0.4200 or $0.4100, there are chances of an extended decline.Technical IndicatorsHourly MACD – The MACD for XRP/USD is likely to move back in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher, but it is still below 50.Major Support Levels – $0.4200, $0.4100 and $0.4000.Major Resistance Levels – $0.4300, $0.4320 and $0.4400.

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Author: Aayush Jindal

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