Ripple Weakens After Failed Recovery Attempt At $0.1950

Ripple weakens after the failed recovery attempt to the $0.1950 and analysts believe it could tumble below the $0.18 level. In the latest Ripple price news, we take a closer look at the price analysis.

Ripple was rejected above the $0.1950 level and started declining against the US dollar. The price is now trading well below the $0.1920 level and the 100 hourly simple moving average after the failed recovery attempt. There was another break below the declining channel with a support close to the $0.1885 on the hourly charts of the pair. The pair will likely break the $0.1840 support level and will continue lower.

After trading at $0.1831, the Ripple price started an upside correction. XRP Recovered above the $0.1850 and the $0.1900 resistance levels to start a new recovery wave. The bulls helped XRP to reach the 23% fib retracement level of the downward move from the $0.2040 high to the $0.1831 low. The recovery gained some pace above the $0.1920 resistance but the price had a hard time continuing higher above the $0.1950 and the 100 hourly simple moving average. It seems that Ripple weakens as the bears defended the 50% Fib retracement level of the downward move from the $0.2040 high to the $0.1831 low. The new high was formed close to the $0.1950 as the price continues declining.

There was a break below the declining channel with a support of $0.1885 on the hourly charts of the XRP/USD pair. The pair opened the doors for another decline as the XRP price is now trading well below the $0.1920 level and the 100 hourly simple moving average. Initial support is waiting close to the $0.1840 level below which the price could struggle to stay above the $0.1931 low. There is a risk of more losses below the $0.1800 support level in the near term. The bulls are facing a lot of hurdles close to the $0.1920 and the $0.1950 levels. In order for XRP to go into the positive zone, it has to move past the $0.1950 level.

The main resistance is now set at $0.2000 level above which the price will start a steady increase in the upcoming days. The hourly MACD for the XRP/USD pair is gaining pace in the bearish zone. The RSI for the pair is above the 40 levels. The major support levels for the pair are set at $0.1840, $0.1800, and $0.1780 while the major resistance levels are set at $0.1920, $0.1950, and $0.2000.