News

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 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.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Trump & Biden Worked Together to Make Election Night a Disaster
Price analysis 9/25: BTC, ETH, XRP, BCH, DOT, LINK, BNB, CRO, LTC, BSV
BITCOIN REPEATING AUGUST 2016 EXACTLY?? IF SO – THIS IS WHAT WILL HAPPEN NEXT!!!
Tether’s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers On
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank Report

Leave a Reply

Your email address will not be published. Required fields are marked *