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Ripple declined heavily along with bitcoin and ethereum against the US Dollar. XRP price even broke the $0.2500 support zone and it is currently correcting losses.
- Ripple is down over 10%, and it broke the $0.2620 and $0.2550 levels against the US dollar.
- The price traded to a new weekly low at $0.2372 and it is now well below the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct a few points, but it is likely to face hurdles near $0.2550 and $0.2560.
Ripple Price Tumbles Below $0.2500
The recent decline in Ethereum and bitcoin dragged ripple lower below the $0.2650 support. XRP extended its decline below the $0.2550 support zone and settled well below the 100 hourly simple moving average.
The bears even pushed the price below the $0.2500 support zone. The price traded to a new weekly low at $0.2372 and it is now correcting higher. There was a break above the $0.2450 resistance, plus the 23.6% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low.
The first key resistance is near the $0.2500 and $0.2520 levels. The 50% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low is also near $0.2525.
Ripple price trades below $0.2500. Source: TradingView.com
More importantly, there is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair. A clear break above the $0.2500 and $0.2560 resistance levels is must for a decent recovery wave in the coming days.
The next key resistance is near the $0.2660 level, above which the bulls are likely to aim a test of the $0.2750 resistance in the near term.
More Downsides in XRP?
If ripple fails to recover above the $0.2500 resistance or the trend line, the price is likely to continue lower below the $0.2450 and $0.2440 levels.
The next major support is near the recent low and $0.2380, below which the price is likely to accelerate lower towards the $0.2320 support or even the $0.2200 pivot level.
Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher towards the 40 level.
Major Support Levels – $0.2440, $0.2400 and $0.2380.
Major Resistance Levels – $0.2500, $0.2550 and $0.2560.
Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal
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