Ripple (XRP) Price Breakdown Might Be The Game Changer

Ripple Price Technical Analysis XRP USD

Ripple price is now trading below key supports against the US Dollar and bitcoin. XRP price is likely to accelerate its decline below the $0.2160 and $0.2140 levels.

Ripple Price Analysis

After struggling to stay above the $0.2240 support, ripple price extended its decline against the US Dollar. XRP price traded below the $0.2200 support area to move into a downtrend.

Besides, there was a close below the $0.2200 support and the 100 hourly simple moving average. The price traded below the $0.2180 level and formed a new weekly low near the $0.2166 level.

It is currently correcting higher and trading above $0.2180. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.2231 high to $0.2166 low.

However, there are many hurdles on the upside, starting with $0.2200. Additionally, yesterday’s key bearish trend line is intact with resistance near $0.2200 on the hourly chart of the XRP/USD pair.

More importantly, the 50% Fib retracement level of the recent decline from the $0.2231 high to $0.2166 low is near the $0.2200 area. Therefore, an upside break above $0.2200 and $0.2205 won’t be easy in the near term.

If ripple price surpasses the $0.2200 resistance, it could recover towards the $0.2240 resistance area (the previous breakdown zone). Any further gains might change the trend and the price could recover towards the $0.2320 resistance.

On the other hand, the price might start a fresh decline from the $0.2200 resistance. An initial support is near the $0.2160 and $0.2150 levels. If the bears gain momentum below $0.2150, there is a risk of a drop towards $0.2120 or even $0.2100.

Ripple Price

Looking at the chart, ripple price is back in a bearish zone below the $0.2240 and $0.2200 levels. Thus, the recent breakdown is likely to lead the price towards $0.2100. Conversely, a close above $0.2240 might negate the current bearish scenario.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.

Major Support Levels – $0.2160, $0.2150 and $0.2120.

Major Resistance Levels – $0.2200, $0.2240 and $0.2260.

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