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Ripple (XRP) Price & Time: Downside Thrust Before Fresh Increase

Avatar Aayush Jindal 1 month ago

Ripple was rejected near the $0.2250 resistance area against the US Dollar, similar to bitcoin near $8,450. As a result, there was a downside correction in XRP below $0.2150 and $0.2100.

  • Ripple price is down more than 10% and it is now trading below $0.2100 against the US dollar.
  • The price even failed to stay above the key $0.2080 support area.
  • There is a major bearish trend line forming with resistance near $0.2105 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There are chances of more losses unless the price climbs above $0.2100 and $0.2100.

Ripple Price Facing Hurdles

After a strong increase, ripple failed to surpass the $0.2250 resistance area against the US Dollar. There was a sharp bearish reaction in XRP and the price declined below the $0.2150 support.

Moreover, there was a break below the $0.2100 support and the 100 hourly simple moving average. The bulls even failed to protect the $0.2080 support and the price traded as low as $0.2031.

A similar price action was observed for bitcoin after it was rejected near the $8,450 level. BTC is down 5% and it broke the $8,080 support area.

Looking at ripple, it is currently correcting higher after trading as low as $0.2031. It recovered above the 23.6% Fib retracement level of the recent decline from the $0.2170 high to $0.2031 low.

However, the previous support near $0.2080 is now acting as a hurdle. More importantly, there is a major bearish trend line forming with resistance near $0.2105 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the recent decline from the $0.2170 high to $0.2031 low is also near the $0.2100 level to prevent an upside break. Therefore, ripple needs to climb above $0.2080, $0.2100 and $0.2120 to start a fresh increase.

One Final Push In XRP To $0.2000?

The current price action suggests that XRP might be setting up for a final downside thrust below the $0.2050 level. In the mentioned scenario, the price might spike towards $0.2000 or $0.1980 before it starts a new upward move.

Ripple Price

Ripple Price

Looking at the chart, ripple price is clearly broke a couple of important supports to invalidate the chances of a run towards $0.2400. Still, the price is likely to bounce back until there is no daily close below $0.2000.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Levels – $0.2050, $0.2000 and $0.1980.

Major Resistance Levels – $0.2080, $0.2100 and $0.2120.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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