XRP bulls face uphill task at $0.24 after ripple started the correction on the upside from the $0.2280 against the USD. XRP price could even start another rally if it clears the $0.2400 resistance zone so let’s read more in today’s Ripple XRP news.
The price is now trading well above the $0.2350 and the 100 simple moving average. There’s also a crucial bearish trend line that is forming close to the $0.2400 on the 4-hour charts of the XRP/USD pair. The pair could start a strong rally if it clears the $0.2400 and the $0.2440 levels in the near-term. in the past few days, there was a steady decline in Ripple’s XRP price below the $0.2500 support and the price even broke below the support zone, settling below the 100 simple moving average.
It even spiked below the $0.2300 support levels so a new low was formed close to the $0.2286 level and the price is now recovering. Besides, there was a strong increase in BTC above $13,800 and ETH also increased above $385 but XRP is facing a lot of hurdles. It seems like the bulls are facing an uphill task close to the $0.2400 and the $0.2440 levels. A new high is formed close to the $0.2442 and the price is declining even more. There’s also a crucial bearish trend line forming with the resistance at $0.2400 on the 4-hour chart of the pair, as XRP bulls face a serious task ahead.
The initial support is near the $0.2365 level so it is close to the 50% fib retracement level from the recent upward movement from $0.2286 low to $0.2442 high. The first major support is close to the $0.2350 level or the 61.8% fib retracement level from the recent upward movement from $0.2286 low to $0.2442 high. On the upside, the price is facing a huge resistance close to the $0.2400 so to start a strong rally, the price has to break the trend line resistance and gain pace above $0.2440.
If Ripple fails to clear the $0.2400 and the $0.2440 resistance levels, there’s a risk of a bearish breakdown. The first key support is close to the $0.2350 level. The next major support is close to the $0.2300 zone and the $0.2286 swing low. A clear break below the $0.2286 low is likely to spark another decline to $0.2200 or even $0.2120 in the near-term.
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