The bearish bias for ripple is here despite the slight rally of the altcoin. The price is now correcting from the new monthly low of The price is now correcting from the new monthly low of $0..
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2005 against the US dollar and it could even correct higher but the $0.2270 resistance is a crucial place for the buyers as we are seeing more in the ripple cryptocurrency news.
Ripple’s price is trading with a short-term positive bias against the US dollar while bitcoin increased by 8 percent. However, there is a Bearish bias for xrp’s price since it is still in downtrend unless it breaks past the $0.2270 level. We saw another drop in ripple’s value yesterday below the $0.2250 support level against the US dollar. Also, the XRP/USD pair settled below the $0.2250 level and the 100 hourly simple moving average. It managed to trade to a new multi-month low at the $0.2005 before the price starts an upside correction. XRP climbed by more than 5 percent and surpassed the $0.2120 resistance level.
The price also spiked above 50 percent Fib retracement level of the downward move from the previous $0.2350 high to the $0.2005 low and the bulls even pushed the price above the $0.2220 but faced a strong resistance a little bit further to the $0.2250. A new high was later formed near the $0.2250 and the price of the altcoin is now trimming the gains slowly. It traded below the $0.2220 and $0.2200 levels but there was another break below the 23.6% Fib retracement level of the wave of the $0.2005 low to the $0.2250 high.
On the downside, there is huge support forming towards the $0.2120 level and it shows the 50% Fib retracement level of the recent wave reaching the new $0.2250 high. Therefore, the price could have to find another support level to the $0.2130 and $0.2120 so if the bulls fail to protect $0.2120 the price will likely resume to decline and reach the $0.2000 support area again. The price could also make another attempt to clear the $0.2250 resistance level and there is another huge bearish trend line forming near the $0.2205 level on the hourly charts.
The bulls are seeing a lot of issues currently starting the $0.2205 and the main resistance is close to the $0.2350 above which the price could become bullish. Looking at the charts, Ripple’s price will continue higher but the bears will likely protect an upside break above the $0.2270.
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