Ripple XRP price movement dwindling despite Bitcoin support

Ripple XRP price has been stagnant for a quite a while, and the usual, following the Bitcoin jump Ripple XRP price also jumped up a couple of notches to $0.2796.

The question traders want to be answered is not where the Ripple XRP price stands at the moment but rather where is the cryptocurrency headed in the future.

Will Ripple XRP price hit $0.3 soon?

Ripple XRP price has been on the climb with a steady and slow pace. Traders have been able to take XRP to 0.2550 dollars. Breaking this resistance paved the way for 0.2600 dollars mark, slightly above which is the one hundred (100) simple moving average (SMA). The SAM has been crossed by XRP as well.

The real challenge faced by Ripple XRP price was when the traders tried pushing past the 0.2650 dollars mark. This mark has been tested twice. The 0.2650 dollars mark has thus been weakened but the trades have not been able to stabilize after a breach above this line of defense.

Ripple XRP price spiked to 0.2673 dollars briefly, recently before coming back below the 0.2650 dollars mark and settling at 0.2630 dollars before the downward spiral pulled it below the fifty percent (50%) Fibonacci retracement level from $0.2673 high to $0.2585 low is where it has been trading.

The price is currently testing the sixty-one percent (61.8%) Fibonacci retracement level $0.2673 high to $0.2585 low.

Once the current patter is distorted, a breakout will ensue with stops on both sides- the top and the bottom of the graph. Moving towards the bottom, we have 0.2620 dollars support. Breaking this support will leave XRP with 0.2600 dollars and below that with 0.2580 dollars marks to act as supports

If the break happens to get Ripple XRP price moving towards the top then the first resistance will be experienced at 0.2650 dollars close to which is the next resistance point at 0.2665 dollars. The price could gain momentum when moving past the 0.2665 dollars resistance mark.

Ripple XRP price movement dwindling despite Bitcoin support 2Ripple price chart by Trading View

The third resistance mark lies at 0.270 dollars above which is the 0.2720 dollars resistance situated. Not much hindrance lies above the 0.2720 dollars mark. It’s a steady climb to 0.2800 dollars, which will then act as a key resistance as well.

Both the relative strength index (RSI) and the moving average convergence/divergence (MACD) are bearish. The MACD is picking up momentum in the bearish territory while RSI has trouble keeping afloat the fifty (50) mark.