Ripple (XRP) Price Breakdown Might Be The Game Changer
Ripple price is declining and it recently broke the key $0.2200 support area against the US dollar.
The price is likely to face hurdles near $0.2200 and $0.2240 in the near term.
Yesterday’s key bearish trend line is intact with resistance near $0.2200 on the hourly chart of the XRP/USD pair (data source from Kraken).
The bears are currently in control and they seem to be eyeing a test of the $0.2120 support.
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Ripple price is now trading below key supports against the US Dollar and bitcoin. XRP price is likely to accelerate its decline below the $0.2160 and $0.2140 levels.
Ripple Price Analysis
After struggling to stay above the $0.2240 support, ripple price extended its decline against the US Dollar. XRP price traded below the $0.2200 support area to move into a downtrend.
Besides, there was a close below the $0.2200 support and the 100 hourly simple moving average. The price traded below the $0.2180 level and formed a new weekly low near the $0.2166 level.
It is currently correcting higher and trading above $0.2180. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.2231 high to $0.2166 low.
However, there are many hurdles on the upside, starting with $0.2200. Additionally, yesterday’s key bearish trend line is intact with resistance near $0.2200 on the hourly chart of the XRP/USD pair.
More importantly, the 50% Fib retracement level of the recent decline from the $0.2231 high to $0.2166 low is near the $0.2200 area. Therefore, an upside break above $0.2200 and $0.2205 won’t be easy in the near term.
If ripple price surpasses the $0.2200 resistance, it could recover towards the $0.2240 resistance area (the previous breakdown zone). Any further gains might change the trend and the price could recover towards the $0.2320 resistance.
On the other hand, the price might start a fresh decline from the $0.2200 resistance. An initial support is near the $0.2160 and $0.2150 levels. If the bears gain momentum below $0.2150, there is a risk of a drop towards $0.2120 or even $0.2100.
Looking at the chart, ripple price is back in a bearish zone below the $0.2240 and $0.2200 levels. Thus, the recent breakdown is likely to lead the price towards $0.2100. Conversely, a close above $0.2240 might negate the current bearish scenario.
Hourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.
Major Support Levels – $0.2160, $0.2150 and $0.2120.
Major Resistance Levels – $0.2200, $0.2240 and $0.2260.
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