Ripple spiked higher and retested the key $0.2550 resistance area against the US Dollar. XRP price failed to break $0.2550 and it is now showing bearish signs below $0.2450.

Ripple failed to clear the $0.2550 resistance level and likely formed a double top against the US dollar.
The price is now trading well below the $0.2450 support and the 100 simple moving average (4-hours).
There is a key connecting bearish trend line forming with resistance near $0.2465 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair is likely to decline sharply if there is a close below $0.2400 and $0.2380.

Contents hide

1. Ripple Price is Likely Forming a Double Top Pattern

2. Fresh Increase in XRP?

2.1. 5 Things to Consider Before Investing in Cryptocurrency

2.2. Tax on Cryptocurrency In India – Complete Guide 2022

2.3. New Cryptocurrency Bill Advances to Senate in Brazil

2.4. USDC Sees Native Launch on Avalanche

2.5. Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

Ripple Price is Likely Forming a Double Top Pattern

This week, we saw a recovery wave in bitcoin, Ethereum, and ripple. XRP price broke the $0.2450 and $0.2550 resistance levels. The price even spiked above the $0.2520 level and settled above the 100 simple moving average (4-hours).

However, the price failed to the last key barrier at $0.2550. It seems like a double top pattern is forming near the $0.2550 level. Ripple is now trading well below the $0.2450 support and the 100 simple moving average (4-hours).

There was a break below the 23.6% Fib retracement level of the upward move from the $0.2195 low to $0.2550 high. It seems like there is a key connecting bearish trend line forming with resistance near $0.2465 on the 4-hours chart of the XRP/USD pair.

An initial support on the downside is near the $0.2400 level. The first major support is near the $0.2380 level (the recent breakout zone). It is close to the 50% Fib retracement level of the upward move from the $0.2195 low to $0.2550 high.

If there is a clear break below the $0.2380 support, the bears are likely to gain strength. The next key support is near the $0.2300 level, below which the bears are likely to aim a retest of $0.2200.

Fresh Increase in XRP?

If ripple stays above the $0.2400 and $0.2380 support levels, it could attempt a fresh increase. An initial resistance on the upside is near the $0.2450 level and the highlighted bearish trend line.

To move into a positive zone and extend its rise, the price must surpass the $0.2550 resistance level. The next key barrier for the bulls could be near $0.2620.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.

Major Support Levels – $0.2400, $0.2380 and $0.2300.

Major Resistance Levels – $0.2450, $0.2465 and $0.2550.