$0.22: Ripple (XRP) Bears Aim Big After Recent Slide Below $0.25

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email

Ripple declined heavily along with bitcoin and ethereum against the US Dollar. XRP price even broke the $0.2500 support zone and it is currently correcting losses.

  • Ripple is down over 10%, and it broke the $0.2620 and $0.2550 levels against the US dollar.
  • The price traded to a new weekly low at $0.2372 and it is now well below the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct a few points, but it is likely to face hurdles near $0.2550 and $0.2560.

Ripple Price Tumbles Below $0.2500

The recent decline in Ethereum and bitcoin dragged ripple lower below the $0.2650 support. XRP extended its decline below the $0.2550 support zone and settled well below the 100 hourly simple moving average.

The bears even pushed the price below the $0.2500 support zone. The price traded to a new weekly low at $0.2372 and it is now correcting higher. There was a break above the $0.2450 resistance, plus the 23.6% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low.

The first key resistance is near the $0.2500 and $0.2520 levels. The 50% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low is also near $0.2525.

Ripple Price

Ripple price trades below $0.2500. Source: TradingView.com

More importantly, there is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair. A clear break above the $0.2500 and $0.2560 resistance levels is must for a decent recovery wave in the coming days.

The next key resistance is near the $0.2660 level, above which the bulls are likely to aim a test of the $0.2750 resistance in the near term.

More Downsides in XRP?

If ripple fails to recover above the $0.2500 resistance or the trend line, the price is likely to continue lower below the $0.2450 and $0.2440 levels.

The next major support is near the recent low and $0.2380, below which the price is likely to accelerate lower towards the $0.2320 support or even the $0.2200 pivot level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher towards the 40 level.

Major Support Levels – $0.2440, $0.2400 and $0.2380.

Major Resistance Levels – $0.2500, $0.2550 and $0.2560.

Via: https://www.newsbtc.com

Leave a Replay