Ripple (XRP) Is Diving, But It’s Too Early to Say Bulls Have Given Up

Aayush Jindal

1 year ago

2 mins read

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Ripple started a fresh decline after it failed to surpass the $0.2400 resistance against the US Dollar. XRP price might revisit the $0.2250 support area before a new bullish wave.

Ripple price is declining and it seems like the bears protected the $0.2400 resistance against the US dollar.
The bulls failed to keep the price above the $0.2350 support area.
There was a break below a key triangle support at $0.2365 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk of more losses if it fails to stay above the $0.2300 support area.

Ripple Price Could Revisit $0.2250

After a steady rise, ripple faced a strong selling interest near the $0.2400 and $0.2410 levels. As a result, XRP price started a downside correction below $0.2380, similar to bitcoin below $9,300.

The bears were able to push the price below the $0.2360 and $0.2350 support levels. More importantly, there was a break below a key triangle support at $0.2365 on the hourly chart of the XRP/USD pair.

A low is formed near the $0.2293 and the price is currently consolidating losses. It is now trading near the $0.2320 support and the 100 hourly simple moving average.

Besides, the 23.6% Fib retracement level of the recent decline from the $0.2415 high to $0.2293 low is near the $0.2322 level. However, the first key resistance for the bulls is near the $0.2350 area.

On the downside, the $0.2320 and $0.2300 levels are important supports along with the 100 hourly simple moving average. If there is a bearish break below the $0.2300 support, ripple price might extend its decline towards the $0.2250 support area in the near term. Any further losses may lead the price towards the $0.2220 area.

Fresh Increase?

The previous support for ripple near $0.2350 is now close to the 50% Fib retracement level of the recent decline from the $0.2415 high to $0.2293 low.

Therefore, a successful close above the $0.2350 level might start a fresh increase. The first major hurdle is near the $0.2400 and $0.2410 levels. If the bulls manage to surpass $0.2410, the price is likely to revisit the key $0.2500 resistance area in the coming days.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level, with bearish signs.

Major Support Levels – $0.2305, $0.2300 and $0.2250.

Major Resistance Levels – $0.2350, $0.2400 and $0.2410.

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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