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- Ripple price is struggling to recover above the $0.2200 resistance area against the US dollar.
- The price remains at a risk of more downsides below the $0.2180 support area.
- There is a declining channel forming with resistance near $0.2210 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum recovered a few points, but it is struggling to clear the $145-$146 resistance area.
Ripple price is facing an uphill task against the US Dollar and bitcoin. XRP price could accelerate its decline once it breaks the $0.2180 and $0.2160 support levels.
Ripple Price Analysis
In the past few days, there was a steady decline in ripple price below the $0.2250 level against the US Dollar. Moreover, XRP price settled below the $0.2200 support area and the 100 hourly simple moving average.
The decline was such that the price tested the $0.2160 support. A low was formed near $0.2166 and recently the price corrected higher. It recovered above the $0.2180 level, but it struggled to gain momentum above the $0.2200 and $0.2210 levels.
A high is formed near $0.2218 and the price is declining below $0.2200. Besides, ripple price traded below 50% Fib retracement level of the recent wave from the $0.2166 low to $0.2218 high.
The current price action is bearish below the $0.2200 level. An initial support is near the $0.2180 level. Additionally, the 76.4% Fib retracement level of the recent wave from the $0.2166 low to $0.2218 high is also near the $0.2180 level.
Therefore, a downside break below $0.2180 could push the price below the $0.2160 support area. The next major support is near $0.2120. Any further losses may perhaps lead the price towards the $0.2100 level.
On the upside, the $0.2200 and $0.2220 levels are important hurdles. Moreover, there is a declining channel forming with resistance near $0.2210 on the hourly chart of the XRP/USD pair.
A successful close above the channel resistance and $0.2220 is needed for the price to start a decent recovery in the near term. The next key resistances are near $0.2250 and $0.2260.
Looking at the chart, ripple price is under a lot of pressure below the $0.2200 resistance area. The bears remain in action and it seems like they are eyeing a downside break below the $0.2180 and $0.2160 support levels.
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 just above the 40 level.
Major Support Levels – $0.2180, $0.2160 and $0.2120.
Major Resistance Levels – $0.2200, $0.2220 and $0.2250.
