Ripple (XRP) Just Rejected $0.24, And It’s Vulnerable To A Fresh Decline
Ripple failed to surpass the $0.2400 resistance area against the US Dollar, similar to bitcoin near $8,800. XRP price is currently declining and it seems vulnerable to a drop below $0.2300 and $0.2240.
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Ripple price is clearly struggling to gain strength above $0.2400 and $0.2420 against the US dollar.
The price is facing an increase in selling pressure below the $0.2340 level.
This week’s followed key bearish trend line is protecting upsides with resistance near $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline sharply if there is a downside break below $0.2300 and $0.2240.
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Ripple Price Facing Hurdles
Recently, there was a decent recovery in ripple above the $0.2320 and $0.2350 resistance levels against the US Dollar. XRP price even spiked above the $0.2400 resistance and the 100 hourly simple moving average.
However, the price failed to gain strength and topped near the $0.2420 area. A high was formed near $0.2415 and the price started a downward move. It broke the $0.2380 and $0.2350 levels.
Furthermore, there was a break below the 50% Fib retracement level of the upward move from the $0.2236 low to $0.2415 high. Ripple is now trading below the $0.2320 level and the 100 hourly SMA.
An immediate support is near the $0.2300 level. It coincides with the 61.8% Fib retracement level of the upward move from the $0.2236 low to $0.2415 high. If there is a downside break, the price could test the key $0.2240 support area.
On the upside, the bulls are facing a lot of barriers near $0.2380 and $0.2400. More importantly, this week’s followed key bearish trend line is protecting upsides with resistance near $0.2350 on the hourly chart of the XRP/USD pair.
Therefore, a successful close above the $0.2400 resistance area is needed for ripple to start a strong rise. The next key hurdles are visible near $0.2500 and $0.2550.
Risk Of Larger Decline In XRP
If XRP continues to struggle near $0.2380 and $0.2400, it could decline heavily. The main support is near the $0.2240 level, below which the bears are likely to aim a drop below $0.2200.
In the mentioned case, ripple price may perhaps continue to move down below $0.2150 and it might test the $0.2120 support area in the near term.
Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is below the 50 level.
Major Support Levels – $0.2300, $0.2240 and $0.2200.
Major Resistance Levels – $0.2350, $0.2380 and $0.2400. The post appeared first on NewsBTC.
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