XRP bulls are not giving up despite the price declining and breaking past the $0.2800 support zone against the US dollar. XRP is now correcting higher but the upsides will remain capped close to the $0.2810 so let’s take a closer look at the Ripple XRP price news.
Ripple is moving slowly into the bearish zone below a $0.2800 support zone against the US dollar. The price traded as low as $0.2704 and is now correcting higher. There’s also a bearish trend line forming close to the $0.2810 on the charts of the XRP/USD pair. The pair will move down unless the bulls are able to push the price above $0.2940 resistance.
The ripple price started a new decline from the $0.2920 pivot level and then the coin broke the key support level of $0.2850 and the 100 hourly simple moving average to go into the bearish zone. The drop in pace below this level led the price testing the $0.2700 level. A new low is formed close to the $0.2704 and the price is correcting higher still. It surpassed above the $0.2750 level with a break above the 23.6% fib retracement level of the decline from $0.2920 high to the $0.2704 low.
The price is facing a strong resistance close to the $0.2800 level and there’s also a major bearish trend line forming with the resistance close to the $0.2810 level on the hourly charts for the pair. The trend line is close to the 50% fib retracement level of the decline from $0.2920 high to the $0.2704 low. The 100 hourly SMA is close to the $0.2840 level to act as a key hurdle. XRP has to surpass the trend line resistance and the $0.2840 level to go into the positive zone as the XRP bulls are not giving up and could push towards $0.3000.
If ripple struggles to clear the $0.2800 and the $0.2840 resistance levels, there will be more downsides. The initial support is close to the $0.2730 region. The next major support is close to the $0.2700 level below which the bulls will struggle and the price could decline further. The hourly Relative Strength Index for the pair is retreating from the 50 levels while the major support levels include $0.2730, $0.2700, and $0.2620.
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