Ripple price gets under strong pressure and is having a hard time surpassing the $0.2660 resistance level against the US dollar as we are seeing more today in our xrp news.
The price is now declining further and it is likely to break the $0.2580 support area. There is also a strong bearish trend line that is forming around the near $0.2645 on the hourly charts of the XRP/USD pair. Ethereum, on the other hand, will remain at the $180 and $178 support level. The ripple price gets an increasing selling movement below the $0.2650 against the US dollar similarly to Bitcoin and the price could even continue to move below the $0.2600.
After the sharp decline below the $0.2600 support line, Ripple recovered from the $0.2521 low against the US dollar and the pair corrected above the $0.2600 resistance level later. However, the price got to a strong resistance near the $0.2660 level and the 100 hourly simple moving average so a close above the 100 hourly SMA didn’t happen which could result in another bearish action.
The price broke the $0.2620 support level and Ripple declined below the 23.6% Fib retracement level of the upward move from the previous $0.2521 low. This movement opened the doors for a lot of other losses below the $0.2600 support. The immediate support is getting close to the $0.2580 level and is connecting a bullish trend line on the hourly charts of the pair. There is also a possible downside break below the trend line support so the price is likely to decline even further below the $0.2570 support.
The next major support level will be at the $0.2520 support level which the price could end up breaking to the $0.2500. More losses could lead to the price of XRP to reach the $0.2450 support area. Looking at the price from the upside, there could be a lot of issues towards the $0.2660 level and the 100 hourly SMA. There is also a major bearish trend line forming with the resistance near the $0.2645 on the same charts. Another break above the $0.2660 resistance and the 100 hourly SMA is much needed for a decent upward move.
By looking at the charts, the Ripple price could be trading in a bearish zone below the $0.2700 levels and on the downside, it could even reach the $0.2500 support levels which are very important. Any further decline could speed up the decline and the price will struggle to hold the $0.2450 position.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post