Ripple started a fresh decline after it failed to surpass the $0.2400 resistance against the US Dollar. XRP price might revisit the $0.2250 support area before a new bullish wave.
- Ripple price is declining and it seems like the bears protected the $0.2400 resistance against the US dollar.
- The bulls failed to keep the price above the $0.2350 support area.
- There was a break below a key triangle support at $0.2365 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses if it fails to stay above the $0.2300 support area.
Ripple Price Could Revisit $0.2250
After a steady rise, ripple faced a strong selling interest near the $0.2400 and $0.2410 levels. As a result, XRP price started a downside correction below $0.2380, similar to bitcoin below $9,300.
The bears were able to push the price below the $0.2360 and $0.2350 support levels. More importantly, there was a break below a key triangle support at $0.2365 on the hourly chart of the XRP/USD pair.
Ripple Price
A low is formed near the $0.2293 and the price is currently consolidating losses. It is now trading near the $0.2320 support and the 100 hourly simple moving average.
Besides, the 23.6% Fib retracement level of the recent decline from the $0.2415 high to $0.2293 low is near the $0.2322 level. However, the first key resistance for the bulls is near the $0.2350 area.
On the downside, the $0.2320 and $0.2300 levels are important supports along with the 100 hourly simple moving average. If there is a bearish break below the $0.2300 support, ripple price might extend its decline towards the $0.2250 support area in the near term. Any further losses may lead the price towards the $0.2220 area.
Fresh Increase?
The previous support for ripple near $0.2350 is now close to the 50% Fib retracement level of the recent decline from the $0.2415 high to $0.2293 low.
Therefore, a successful close above the $0.2350 level might start a fresh increase. The first major hurdle is near the $0.2400 and $0.2410 levels. If the bulls manage to surpass $0.2410, the price is likely to revisit the key $0.2500 resistance area in the coming days.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level, with bearish signs.
Major Support Levels – $0.2305, $0.2300 and $0.2250.
Major Resistance Levels – $0.2350, $0.2400 and $0.2410.
Author: Aayush Jindal
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