XRP price indicators present a strong vulnerability and a possible sharp decline as Ripple faced an uphill task close to the $0.2500 resistance against the US dollar as we are reading more in the latest Ripple price news.
XRP could drop further if it struggles to clear the $0.2500 barrier. Ripple is consolidating above the $0.2424 level against the US dollar and the price is also facing strong resistance at the $0.2500 level with the 100 hourly simple moving average. There’s a key declining channel forming with the resistance at $0.2505 on the hourly charts of the pair. The pair could drop heavily below the $0.2425 support unless it does go above $0.2500.
The XRP price indicators present a short-term top close to the $0.2580 zone but then the Ripple started a fresh decline. XRP price broke the $0.2500 and the $0.2480 support levels to go into the short-term bearish zone. The price settled below the $0.2480 level and the 100 hourly simple moving average as it also traded below $0.2425 while consolidating the losses. The ripple price corrected above the 23.6% fib retracement level from the decline of $0.2547 high to $0.2426 low.
Ripple is facing a lot of issues on the upside and it started with the $0.2480 or the 50% fib retracement level from the decline at $0.2547 high to the $0.2426 low. There’s also a key declining channel forming with resistance near the $0.2515 on the hourly charts of the pair. there’s an immediate resistance for the bulls at the $0.2500 zone and the 100 hourly simple moving average. The break above these levels could bring the asset to fight off the selling pressure. The next major resistance is close to the $0.2550 level above which the price could try and clear the $0.2580 and the $0.2600 levels.
If Ripple fails to clear the $0.2500 and the $0.2515 resistance levels, there are chances of more losses with initial support on the downside close to the $0.2425 swing low. The main support is forming close to the $0.2400 level and the channel’s lower trend. The closing below the $0.2400 support could boost the selling pressure and the price could drop towards $0.2300. The hourly RSI for the pair is correcting higher but it still below the 50 levels.
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