The price of XRP is bearish today and struggling to find its key support. The dominant coin is showing bearish signs below the $0.1880 pivot level against the US dollar. The previous key support near $0.1850 is very likely to act as a major resistance.
The Ripple news also show that after struggling to clear the $0.1950 resistance, XRP started a fresh bearish wave which brought the price of the coin lower, breaking the key $0.1880 pivot zone and support region to move into a new bearish zone.
Besides, we could notice a close below the $0.1850 support and the 100 hourly moving average.
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This is what opened the doors for more downsides below $0.1820. the price traded to a new weekly low at $0.1783 and is currently correcting higher.
Ripple also corrected above the $0.1820 level. XRP is bearish and needs to locate its support – the coin opened the doors for more downsides below $0.1820 and traded to a new weekly low at $0.1783 and is currently correcting higher.
It seems like there is a short term contracting triangle that is forming with resistance near $0.1840 on the hourly chart of the XRP/USD pair. As we can see, XRP is bearish and the first major resistance on the upside is near the $0.1850 zone (the recent breakdown support) while the next resistance is near the $0.1880 pivot level.
An intermediate resistance is near the 50% Fib retracement level of the recent drop from the $0.1949 swing high to the $0.1783 low. Besides, the crypto news show that there is also a connecting bearish trend line forming with resistance near $0.1915 on the same chart.
If the price corrects higher further above $0.1850, the bulls are very likely to face a strong selling interest near the $0.1880 and $0.1900 levels. Once this correction wave is over, the fact that XRP is bearish can stimulate the bears to get in the action and resume the slide from $0.1850. An initial support on the downside for Ripple’s token is now placed near $0.1800, while the main support zone is near the $0.1700 region in the near term.
- Hourly MACD – The MACD for XRP/USD is trying to move back into the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for Ripple’s token is currently flat and near the 40 level.
- Major Support Levels – $0.1800, $0.1780 and $0.1700.
- Major Resistance Levels – $0.1850, $0.1880 and $0.1910.
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