The XRP price is trading near a juncture, currently correcting higher and now trades above the $0.2520 area against the US dollar. In the latest cryptocurrency news today, we can see that XRP is approaching a major resistance area near the $0.2600 level.
This week’s crucial bearish trend line is intact and we can see resistance near $0.2600 on the hourly chart of the XRP/USD pair. Ethereum (ETH) is also correcting higher and while the XRP price is trading near a crucial juncture, the ETH updates show that the largest altcoin is facing strong resistance near $180, too.
Over the past couple of days, we saw a sharp decline in the value of Ripple below the $0.2500 support area against the US dollar. Moreover, the XRP/USD pair broke the $0.2450 support area and started settling well below the 100 hourly simple moving average.
As the XRP news today show, the XRP price is trading badly which started when it tested the $0.2400 support area and started an upside correction – only to fall later that day. Ripple is now trading above the 50% Fib retracement level of the downward move from the $0.2660 high to the $0.2400 swing low.
We can see a major resistance near the $0.2580 level on the upside and the 100 hourly simple moving average. On top of this, the 61.8% Fib retracement level of the downward move from the $0.2660 high to $0.2400 swing low seems to be preventing gains. The main resistance on the upside is right now near the $0.2600 level.
This week’s crucial bearish trend line is intact as the XRP price is trading with a struggle. Therefore, a clear break above the $0.2580 and $0.2600 might push Ripple’s XRP token back into a bullish zone.
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In such a scenario, the price will likely rise to the $0.2720 and $02750 resistance levels. Conversely, the price might struggle to hit the $0.2600 resistance and start a fresh decline. For what we know now, an initial support is near the $0.2520 level followed by $0.2500. The XRP price is trading at $0.2531 with 0.20% gains at press time.
Looking at the charts, we can see that Ripple is nicely correcting but the bulls are clearly facing an uphill task near the $0.2580 and $0.2600 resistance levels. If they fail to gain momentum above $0.2600, the decline can continue.
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