Ripple (XRP) Price Primed For Additional Losses, $0.2450 Next?

Aayush Jindal

1 year ago

2 mins read

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Ripple price is following a downtrend below the $0.2700 support area against the US dollar.
The price is currently trading near the $0.2620 support and it could continue to decline.
This week’s crucial bearish trend line is active with resistance near $0.2700 on the hourly chart of the XRP/USD pair (data source from Kraken).
Similarly, Ethereum is trading near a key support and it could break down below $180.

Ripple price is trading with a bearish bias below $0.2700 against the US Dollar, similar to bitcoin. XRP price remains at a risk of more losses below the $0.2620 and $0.2600 supports.

Ripple Price Analysis

In the past few days, ripple mostly followed a bearish pattern below the $0.2800 and $0.2750 supports against the US Dollar. Moreover, XRP/USD settled below the $0.2750 support area and the 100 hourly simple moving average.

The recent decline pushed the price below the $0.2700 support area. A new monthly low was formed near $0.2630 and the price is currently consolidating losses. The price corrected above the 23.6% Fib retracement level of the recent drop from the $.2749 high to $0.2630 low.

However, there are many resistances on the upside near the $0.2680 and $0.2700 levels. The first key resistance is near the $0.2690 level. Besides, the 50% Fib retracement level of the recent drop from the $.2749 high to $0.2630 low is near the $0.2690 level.

The main resistance is near the $0.2700 and $0.2720 levels. More importantly, this week’s crucial bearish trend line is active with resistance near $0.2700 on the hourly chart of the XRP/USD pair.

Above the trend line, ripple could struggle near the 100 hourly SMA and $0.2720. Therefore, a successful close above the $0.2720 resistance is needed for upside acceleration towards the $0.2800 level.

On the downside, an initial support is near the $0.2630 and $0.2620 levels. If there is a clear break below the $0.2620 support, the price may perhaps decline further below the $0.2600 and $0.2550 levels. In the mentioned case, the next major support is near the $0.2450 level, where the bulls might take a stand.

Looking at the chart, ripple price is facing an uphill task near the $0.2700 and $0.2720 levels. Unless the bulls manage to push the price above $0.27202, the bears remain in control. It seems like they are sighting a downside break below the $0.2600 and $0.2500 support levels in the near term.

Technical Indicators

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

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

Major Support Levels – $0.2620, $0.2600 and $0.2500.

Major Resistance Levels – $0.2690, $0.2700 and $0.2720.

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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