Will XRP Breakout Above $0.42?

Fibo Quantum

  • Ripple is bearishly hovering between $0.39 and $0.40
  • XRP went below $0.39 twice over the last 24 hours; currently correcting upwards
  • Ripple price is struggling to stay above its major support levels, while it is failing to clear resistance above $0.40

Ripple price is struggling to gain momentum against the U.S Dollar and has already traded below its quite a few major support levels. Meanwhile, Bitcoin also has dropped below $10k price mark.

Monday morning price actions of XRP were bullish enough to push the price above $0.41 from its opening price at $0.3959. However, since then, its price has dropped significantly. Yesterday, Ripple has hit the bottom at $0.38 breaking its major support levels near $0.40 and $0.39 while tracing a bearish trendline. Later, it corrected upwards from there and had its closing price at $0.4068.

XRP Price Chart by TradingView

Ripple Price Chart

Today, XRP continues to trade bearishly, as it is still ranging between $0.39 and $0.40. It must strike a strong price recovery above $0.42 to leave the bears behind.

At 04:15:57 UTC, the coin was trading at $0.4043 which is 6.04% lower than its 10 day SMA of $0.4303. After a couple of bullish weeks, the crypto-coin seems to be experiencing quite a bit of turbulence with falling prices.

Apparently, Ripple is failing to trade above the price resistance near $0.40, after testing the support level near $0.3855. However, A fresh increase in its price trend is expected once it crosses $0.42.

Technical Indicator:

RSI for XRP/USD is near 70 indicating overbought momentum at this point of time. Meanwhile, its MACD chart appears bearish resonating with its price trend. It can see major resistance at $0.4197 and $0.4327. And key support prices for the third largest crypto may be at $0.3917 and $0.3767.