The Ripple XRP price is in the latest cryptocurrencies news again because of its massive upward potential. The price is down close to 6% and it broke the $0.2350 support area against the US dollar.
It all started recently, where the news showed a strong decline in the Ripple XRP price from well above the $0.2650 level. This is how it broke many supports near $0.2500 and $0.2450 levels to enter a short term downtrend.
Moreover, we could notice a break below the $0.2350 support level and the price settled well below the 100 hourly simple moving average. The decline was such that the price traded below the $0.2280 levels.
Finally, the Ripple XRP price is now in a weak position but traders think that it is good, considering the fact that it found support near the $0.2240 level and is currently consolidating its losses. A weekly low is formed near $0.2232 and the price is testing the 23.6% Fib retracement level of the recent slide which took it from a $0.2452 high to a $0.2232 low.
More importantly, we can notice a contracting triangle forming with resistance near the $0.2300 levels on the hourly chart of the XRP/USD pair. Therefore, a clear break above the triangle resistance could open the doors for a decent recovery in Ripple towards the $0.2400 and $0.2450 levels.
If Ripple fails to correct above $0.2300 and $0.2365, it could continue to move down. The first key support on the downside is near the $0.2240 levels. The price could move lower towards $0.2200 and any further losses may bring it to the $0.2050 level in the near term.
The technical indicators for Ripple in today’s latest altcoin news are as following:
- Hourly MACD – The MACD for XRP/USD is right now showing a lot of bearish signs.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level at this moment, forming a bearish angle.
- Major Support Levels – $0.2240, $0.2200 and $0.2050.
- Major Resistance Levels – $0.2300, $0.2365 and $0.2450.
All in all, the Ripple XRP price is stabilizing and now has losses of only 1.19% on the day. The price of $0.2382 is in a good position for consolidating these losses and moving on in the near future. The market cap of XRP is still well above Bitcoin Cash (BCH) which is on the 4th position – it is almost doubled.
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