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XRP Tests Crucial Support But It Could Drop After A Close Below $0.2600

Stefan by Stefan
27/01/2021
in Ripple News
Reading Time: 2 mins read
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XRP tests crucial support level but there are chances of a drop below the $0.2600 level as well as below $0.2550. XRP’s price is struggling to stay above the $0.2600 support so let’s take a closer look at the Ripple price news today and find out more.

Ripple is showing a few bearish signs below the $0.2750 level and the $0.2800 resistance against the US dollar. The price was testing the $0.2600 support and the 100 simple moving average. There was also a key bearish trend line forming with the resistance at $0.2720 on the 4-hour charts of the XRP/USD pair which could rally higher above $0.2750 or it could slump below it. After having a hard time clearing the $0.3120 resistance, Ripple’s XRP started a new decline and the price dropped below the $0.2800 support level.

xrp/usd
Source XRPUSD on TradingView.com

A new low was formed near the $0.2390 before the price started an upside correction with a break above $0.2500 and $0.2550 levels as well. The price managed to increase above 23.6% Fib Retracement level from the downward movement at the $0.3306 swing high to the $0.2390 low. The price seems to be facing strong resistance near the $0.2850 level with a key bearish trend line forming with resistance at the $0.2720 level on the XPR/USD charts. The trend line is now close to the 50% fib retracement level from the downward move at $0.3306 swing high to $0.2390 low. XRP is testing the $0.2600 support and remains well below the 100 simple moving average.

XRP daily price
XRP’s 24-hour Price chart (Source: Coingecko)

If there’s a downside break below these levels, the bears could gain strength and there’s also a risk of a sharp decline to the $0.2400 levels with the price being able to revisit the $0.2150 level in the near-term. If ripple manages to stay above the $0.2600 support zone, there are chances of a fresh increase with the first key resistance nearing the trend line of $0.2750. XRP tests crucial support level and a successful close above $0.2800 could open the doors for a surge at $0.300 and $0.3120 levels.

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The 4-hour MACD for the pair is showing negative signs in the bearish zone while the 4-hour RSI remains well below the 50 level. The major support levels include $0.2600 and $0.2450 while the major resistance levels include $0.2750 and $0.2800. As reported earlier today, Ripple got hit with another class-action lawsuit by a Florida resident.

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Tags: Dropdrop belowripple crucial supportripple dropripple pricetests crucial supportxrp crucial supportxrp dropxrp pricexrp tests
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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