XRP bears aim higher highs after the recent slide below $0.25 when it declined along with Ethereum and Bitcoin against the US dollar. We are reading more about in the latest XRP news.
The XRP price broke the $0.2500 support zone and is correcting losses in the meantime. The price is down over 10% while breaking the $0.2620 and $0.2550 against the US Dollar. The price even traded to a new weekly low of $0.2372 and it is well below the 100 hourly simple moving average. There’s a bearish trend line forming with the resistance close to the $0.2560 on the charts of the XRP/USD pair and if it corrects more, it will likely face hurdles close to the $0.2550 level.
The recent price drop in Ethereum and Bitcoin dragged Ripple lower below the $0.2650 support while XRP extended its decline below the $0.2550 support zone, settling below the 100 hourly simple moving average. The bears pushed the price below the $0.2500 support zone and the price traded lower than $0.2372 while correcting higher still. There was a break above the $0.2450 resistance plus the 23% fib retracement of the declining level from the $0.2674 low. The first key resistance is close to the $0.2500 and $0.2520 level. The 50% fib retracement levels of the decline from $0.2674 high to the $0.2372 low are also quite close to the $0.2525.
The XRP bears aim to further highs while there’s a major bearish trend line, forming a resistance of $0.2560 on the hourly charts of the pair. Making a clear break above the $0.2500 and the $0.2560 resistance levels which are a must for a decent recovery wave in the upcoming days. The next key resistance is close to the $0.2600 level above which the bulls will probably aim a test of the $0.2750 resistance in the near-term. If Ripple’s XRP fails to recover above $0.2500 resistance or the trend line while the price is likely to continue lower below the $0.2450 level.
The next major support is close to the recent low of $0.2380 below which the price will go lower to the $0.2320 level. The hourly MACD for the pair is losing momentum slowly into the bearish zone while the RSI for the pair is going towards the 40 levels. The major support levels include $0.2440 and $0.2380.
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