Ripple (XRP) Price Primed For Additional Losses, $0.2450 Next?
Ripple price is following a downtrend below the $0.2700 support area against the US dollar.
The price is currently trading near the $0.2620 support and it could continue to decline.
This week’s crucial bearish trend line is active with resistance near $0.2700 on the hourly chart of the XRP/USD pair (data source from Kraken).
Similarly, Ethereum is trading near a key support and it could break down below $180.
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Ripple price is trading with a bearish bias below $0.2700 against the US Dollar, similar to bitcoin. XRP price remains at a risk of more losses below the $0.2620 and $0.2600 supports.
Ripple Price Analysis
In the past few days, ripple mostly followed a bearish pattern below the $0.2800 and $0.2750 supports against the US Dollar. Moreover, XRP/USD settled below the $0.2750 support area and the 100 hourly simple moving average.
The recent decline pushed the price below the $0.2700 support area. A new monthly low was formed near $0.2630 and the price is currently consolidating losses. The price corrected above the 23.6% Fib retracement level of the recent drop from the $.2749 high to $0.2630 low.
However, there are many resistances on the upside near the $0.2680 and $0.2700 levels. The first key resistance is near the $0.2690 level. Besides, the 50% Fib retracement level of the recent drop from the $.2749 high to $0.2630 low is near the $0.2690 level.
The main resistance is near the $0.2700 and $0.2720 levels. More importantly, this week’s crucial bearish trend line is active with resistance near $0.2700 on the hourly chart of the XRP/USD pair.
Above the trend line, ripple could struggle near the 100 hourly SMA and $0.2720. Therefore, a successful close above the $0.2720 resistance is needed for upside acceleration towards the $0.2800 level.
On the downside, an initial support is near the $0.2630 and $0.2620 levels. If there is a clear break below the $0.2620 support, the price may perhaps decline further below the $0.2600 and $0.2550 levels. In the mentioned case, the next major support is near the $0.2450 level, where the bulls might take a stand.
Looking at the chart, ripple price is facing an uphill task near the $0.2700 and $0.2720 levels. Unless the bulls manage to push the price above $0.27202, the bears remain in control. It seems like they are sighting a downside break below the $0.2600 and $0.2500 support levels in the near term.
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Levels – $0.2620, $0.2600 and $0.2500.
Major Resistance Levels – $0.2690, $0.2700 and $0.2720.
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