Ripple (XRP) Relatively Bearish; Here’s Key Support Turned Resistance
Ripple is down more than 5% and it broke the key $0.1850 support against the US Dollar. XRP price is correcting losses, but upsides are likely to remain capped near $0.1850 or $0.1880.
Ripple price is showing bearish signs below the $0.1880 pivot level against the US dollar.
The previous key support near $0.1850 is likely to act as a major resistance.
There is a connecting bearish trend line forming with resistance near $0.1915 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could retest $0.1850 or $0.1880 before extending its decline.
Ripple Price Turns Red
After struggling to clear the $0.1950 resistance, ripple started a fresh bearish wave. XRP price broke the key $0.1880 pivot zone and support region to move into a bearish zone.
Besides, there was a close below the $0.1850 support and the 100 hourly simple moving average. It opened the doors for more downsides below $0.1820. The price traded to a new weekly low at $0.1783 and it is currently correcting higher.
Ripple corrected above the $0.1820 level. It also climbed above the 23.6% Fib retracement level of the recent drop from the $0.1949 swing high to $0.1783 low. It seems like there is a short term contracting triangle forming with resistance near $0.1840 on the hourly chart of the XRP/USD pair.
The first major resistance on the upside is near the $0.1850 zone (the recent breakdown support). The next key resistance is near the $0.1880 pivot level.
An intermediate resistance is near the 50% Fib retracement level of the recent drop from the $0.1949 swing high to $0.1783 low. Besides, there is a connecting bearish trend line forming with resistance near $0.1915 on the same chart.
If the price corrects higher further above $0.1850, the bulls are likely to face a strong selling interest near the $0.1880 and $0.1900 levels.
Once the current correction wave is over in ripple, it is likely to resume its slide from $0.1850 or $0.1880. An initial support on the downside is near the $0.1800.
The main support is near the $0.1780 level, below which the bears are likely to aim a test of the $0.1700 region in the near term.
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now flat near the 40 level.
Major Support Levels – $0.1800, $0.1780 and $0.1700.
Major Resistance Levels – $0.1850, $0.1880 and $0.1910.
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