The latest Ripple updates show that the price of XRP is trading in a bearish zone and is below the $0.2840 resistance against the US dollar. The Ripple news show that the price of the token is struggling to hold the key support area near the $0.2700 level and the bearish trend line ignited yesterday is active once again with resistance near $0.2800 on the hourly chart of the XRP/USD pair.
In the past couple of hours, we saw an increase in selling on Ripple (XRP) below the $0.2840 resistance area against the US dollar. XRP/USD mostly followed a bearish path below $0.2800 and the 100 hourly simple moving average.
Additionally, the price of XRP moved below the last low and traded to new weekly lows near $0.2682. Right now, the price is correcting higher above $0.2720 and the break above the 23.6% Fib retracement level made the cryptocurrency rise from $0.2852 to a new low of $0.2682.
There are tons of resistances for Ripple (XRP) as we speak. The Ripple news show that anything near the $0.2765 levels is acting as resistance – stretching out to the $0.2780 levels. Besides this, the 50% Fib retracement level of the recent decline from $0.2852 high to a $0.2682 low is near the $0.2765 level.
More importantly, the major bearish trend line is active with the resistance put near $0.2800 on the hourly chart of the XRP/USD pair, as we can see from the crypto news today. The 100 hourly SMA is also with a position near the trend line and this price point will act as a new bull barrier.
Therefore, a clear break above this trend line (at $0.2800) and the 100 hourly SMA could start a decent increase. The altcoin news also show that the next key resistance is near the $0.2840 level above which there are major chances of more upsides towards the $0.3000 resistance area.
The downside gap and the latest Ripple news show an initial support near the $0.2700 level. If we see another bearish break below the $0.2700 support, the price could even decline below the $0.2682 low. The next key support, as predicted, is near the $0.2650 and $0.2640 levels.
Looking at the chart following the Ripple news, we can see that the price of XRP is clearly trading in a bearish zone below the $0.2800 and $0.2840 resistance levels. A convincing close is a must right now for the price to move into a bullish zone.
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