The Ripple price rejected the bulls today and is in the crypto news for struggling to clear the key $0.2150 resistance area against the US dollar. The XRP price is showing a few bearish signs now and could easily resume its decline below $0.2110.
Yesterday, we discussed a couple of important hurdles for Ripple near the $0.2150 area. The XRP price started a decent upward move from the $0.1978 swing low and initiated a rise above the $0.2000 and $0.2050 levels. XRP managed to surge above the 23.6% Fib retracement level of the key decline from the $0.2450 high to the $0.1978 low.
The bulls were then able to push the price above the $0.2100 resistance area but then failed to gain pace above the $0.2140 and $0.2150 resistance levels. All of this suggests that Ripple was rejected near the $0.2150 resistance.
The XRP news today show that the price is currently declining and trading below the $0.2125 level. Moreover, there is a short term ascending channel that is forming with support near $0.2115 on the hourly chart of the XRP/USD pair.
Right now, analysts are discussing if XRP is able to break through and the Ripple price is able to show gains soon. If the pair fails to stay above the $0.2115 and $0.2100 support levels, it is likely to resume its decline. An initial support below $0.2100 is near the $0.2050 level. Any new losses now could indicate a sharp and steady decline towards the $0.1980 level in the near term.
On the upside, the Ripple price rejected previous levels and is clearly facing a major hurdle near the $0.2150 resistance level. Next after this is resistance that is positioned near the $0.2200 level since it is close to the 100 hourly simple moving average.
In order to start a fresh increase and a strong recovery, the bulls need to surpass the In order to start a fresh increase and a strong recovery, the bulls need to surpass the $0..
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2150 hurdle and then gain pace above the $0.2200 pivot level. Still, the reality is that the XRP Ripple price rejected the bulls and is now at $0.2079 with a 3% decline on the day and a market cap of $9.1 billion which is still far from the previous levels.
Technical Indicators:
- Hourly MACD – The MACD for XRP/USD is now moving back into the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level.
- Major Support Levels – $0.2100, $0.2050 and $0.2000.
- Major Resistance Levels – $0.2150, $0.2200 and $0.2215.
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