Ripple did not stay above the USD 0.2050 resistance and recently fell against the US dollar. XRP is showing bearish signs and could fall further below USD 0.1980 and USD 0.1960.
- Ripple was trading as high as $ 0.2066 and recently started a fresh decline against the US dollar.
- The price shows a lot of bearish signs below the USD 0.2050 and USD 0.2020 levels.
- There was a pause under a major ascending channel with support of almost $ 2015 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to remain below the USD 0.1980 and USD 0.1960 levels.
Ripple price may drop further
Recently, bitcoin hit the USD 9,950 level and fell sharply. It caused a bearish reaction in ripple from the $ 0.2066 high. It appears that the XRP price did not stay above the USD 0.2050 resistance and started a new decline.
There was a pause below the USD 0.2040 and USD 0.2020 levels. The price fell below the 23.6% Fib retracement level of the upward movement from the $ 0.1848 low to $ 0.2066 high.
More importantly, there was a pause under a major ascending channel with a support of almost $ 0.15 per hour chart of the XRP / USD pair. Ripple is now testing the USD 0.2000 support area and the 100 hourly moving average.
If there is a downside below 100 hours of SMA, the price could test the USD 0.1980 support. It is close to the 50% Fib retracement level of the upward movement from the $ 0.1848 low to $ 0.2066 high.
If there are more drawbacks, the price may continue to fall towards the USD 0.1920 support. Any further losses could open the doors for a greater drop to the support area of $ 0.1840 in the near term.
Chance for an upward breakthrough in XRP
On the upside, an initial resistance is near the USD 0.2050 level. There is also a contiguous bearish trend line with a near USD 0.2050 resistance on the same chart. If ripple breaks the bearish trend line, there are chances of more gains above the $ 0.2066 high.
The next key resistance is near the USD 0.2095 and USD 0.2100 levels. Any further gains could lead the prize to the $ 0.2220 zone in the coming sessions.
Hourly MACD – The MACD for XRP / USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently well below the 50 level.
Major support levels – $ 0.2000, $ 0.1960 and $ 0.1920.
Large resistance levels – $ 0.2050, $ 0.2100 and $ 0.2200.
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