Ripple (XRP) Poised To Extend Losses Below $0.18: Here’s Why
Ripple is currently correcting higher from the $0.1780 support zone against the US Dollar. However, XRP price is likely to face another rejection near $0.1880 or $0.1900.
Ripple price is trading in a negative zone below the $0.1880 resistance level against the US dollar.
The bulls are likely to face a strong selling interest near $0.1880 and $0.1900.
There is a major bearish trend line forming with resistance near $0.1885 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to resume its decline as long as it is below $0.1900.
Ripple Price Could Dive Further
After a close below the $0.1900 pivot level, ripple extended its decline. XRP price broke the key $0.1880 support zone to move further into a bearish zone.
The bears were able to push the price below the $0.1850 level and the 100 hourly simple moving average. A new weekly low is formed near the $0.1783 and the price is currently recovering higher.
There was a break above the $0.1800 and $0.1820 levels. Ripple managed to recover above the 23.6% Fib retracement level of the downward move from the $0.1950 high to $0.1780 swing low.
On the upside, the previous supports near $0.1850 and $0.1865 are currently acting as hurdles for the bulls. The 50% Fib retracement level of the downward move from the $0.1950 high to $0.1780 swing low is also near the $0.1866 to stop the current wave.
More importantly, there is a major bearish trend line forming with resistance near $0.1885 on the hourly chart of the XRP/USD pair. The 100 hourly simple moving average is also positioned near the $0.1900 zone to prevent gains.
A successful close above the $0.1880 resistance and then a follow up move above the $0.1900 level is needed for upside continuation in the near term.
Ripple is likely to struggle near the $0.1880 and $0.1900 resistance levels. In the mentioned case, there are chances of a fresh bearish wave below the $0.1820 level.
The first major support on the downside is near the $0.1780 level, below which there are high chances of a drop towards the $0.1700 level in the coming sessions.
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move above the 50 level.
Major Support Levels – $0.1820, $0.1780 and $0.1700.
Major Resistance Levels – $0.1865, $0.1880 and $0.1900.
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