Ripple started a strong decline after it broke the $0.2600 support area against the US Dollar. XRP price is currently down 10% and it is likely to extend losses below $0.2400. Ripple price is plunging and it recently tumbled below the $0.2500 support against the US dollar. The price is trading close to the $0.2400 support, below which there could be another slide. There was a break below a major declining channel with support near $0.2470 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is showing a lot of bearish signs and it could continue to move down below $0.2400. Ripple Price Turns Bearish After ripple settled below the $0.2700 level, the bears took control. As a result, XRP price started a major decline and traded below many supports near $0.2600 to enter a bearish zone. Ripple Price Moreover, there was a break below the $0.2500 support level and the 100 hourly simple moving average. During the decline, there was a break below a major declining channel with support near $0.2470 on the hourly chart of the XRP/USD pair. The pair even spiked below the $0.2400 support level. A new weekly low is formed near $0.2345 and the price is currently correcting higher. Ripple is trading above the 23.6% Fib retracement level of the recent drop from the $0.2588 high to $0.2345 low. An initial resistance is near the broken channel support and the $0.2460 level. Besides, the 50% Fib retracement level of the recent drop from the $0.2588 high to $0.2345 low is sitting near the $0.2465 level to act as a major hurdle for the bulls. Therefore, the bulls need to push the price above the $0.2465 and $0.2500 levels to start a decent recovery. The next key resistance is near the $0.2700 level and the 100 hourly simple moving average. More Losses? If ripple fails to correct above the $0.2450 and $0.2465 resistance levels, it could continue to move down. An initial support is near the $0.2380 and $0.2365 levels. A successful break and close below the $0.2345 swing low is likely to accelerate decline. In the mentioned case, ripple price could decline heavily and trade towards the $0.2200 support level in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level and near the oversold levels. Major Support Levels – $0.2365, $0.2345 and $0.2200. Major Resistance Levels – $0.2450, $0.2465 and $0.2500.
from NewsBTC https://ift.tt/32qfWBs
from NewsBTC https://ift.tt/32qfWBs
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