Ripple (XRP) Price Turned Sell On Rallies: BTC & ETH Down

Aayush Jindal

1 year ago

2 mins read

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Ripple price declined recently below the $0.2240 and $0.2220 support levels against the US dollar.
The price is currently correcting higher, but facing resistance near $0.2240 and $0.2260.
There is a key bearish trend line forming with resistance near $0.2240 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is facing an increase in selling pressure below the $148 and $150 levels.

Ripple price is back in a short term bearish zone against the US Dollar, similar to bitcoin. XRP price could correct higher, sellers remain in control below $0.2260.

Ripple Price Analysis

After struggling to surpass the $0.2320 resistance, ripple price started a fresh decline against the US Dollar. XRP price broke a couple of important supports near $0.2260 to move into a short term bearish zone.

Moreover, there was a close below the $0.2240 support and the 100 hourly simple moving average. It opened the doors for more losses below the $0.2220 and $0.2200 levels.

Finally, the price traded as low as $0.2186 and it is currently correcting higher. It is trading near 23.6% Fib retracement level of the downward move from the $0.2325 high to $0.2186 low.

On the upside, ripple is facing a lot of hurdles, starting with the $0.2240 level (the previous support and now resistance). Additionally, there is a key bearish trend line forming with resistance near $0.2240 on the hourly chart of the XRP/USD pair.

Above the trend line, the 100 hourly SMA is near the $0.2260 resistance area. More importantly, the 50% Fib retracement level of the downward move from the $0.2325 high to $0.2186 low is near the $0.2260 level.

Therefore, the price is likely to face a strong resistance near the $0.2240 and $0.2260 levels. If the bulls manage to pierce the $0.2260 level, the price is likely to accelerate higher towards the $0.2320 resistance area.

On the other hand, sellers are likely to remain active near $0.2240 and $0.2260. In the mentioned case, the price may perhaps continue to move down below $0.2200 and $0.2180.

Looking at the chart, ripple price is likely to follow a bearish structure in the short term below $0.2240. The main target for the bears could be $0.2140 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is well below 50.

Major Support Levels – $0.2200, $0.2180 and $0.2140.

Major Resistance Levels – $0.2240, $0.2260 and $0.2320.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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