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- Ripple price declined recently below the $0.2240 and $0.2220 support levels against the US dollar.
- The price is currently correcting higher, but facing resistance near $0.2240 and $0.2260.
- There is a key bearish trend line forming with resistance near $0.2240 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is facing an increase in selling pressure below the $148 and $150 levels.
Ripple price is back in a short term bearish zone against the US Dollar, similar to bitcoin. XRP price could correct higher, sellers remain in control below $0.2260.
Ripple Price Analysis
After struggling to surpass the $0.2320 resistance, ripple price started a fresh decline against the US Dollar. XRP price broke a couple of important supports near $0.2260 to move into a short term bearish zone.
Moreover, there was a close below the $0.2240 support and the 100 hourly simple moving average. It opened the doors for more losses below the $0.2220 and $0.2200 levels.
Finally, the price traded as low as $0.2186 and it is currently correcting higher. It is trading near 23.6% Fib retracement level of the downward move from the $0.2325 high to $0.2186 low.
On the upside, ripple is facing a lot of hurdles, starting with the $0.2240 level (the previous support and now resistance). Additionally, there is a key bearish trend line forming with resistance near $0.2240 on the hourly chart of the XRP/USD pair.
Above the trend line, the 100 hourly SMA is near the $0.2260 resistance area. More importantly, the 50% Fib retracement level of the downward move from the $0.2325 high to $0.2186 low is near the $0.2260 level.
Therefore, the price is likely to face a strong resistance near the $0.2240 and $0.2260 levels. If the bulls manage to pierce the $0.2260 level, the price is likely to accelerate higher towards the $0.2320 resistance area.
On the other hand, sellers are likely to remain active near $0.2240 and $0.2260. In the mentioned case, the price may perhaps continue to move down below $0.2200 and $0.2180.
Looking at the chart, ripple price is likely to follow a bearish structure in the short term below $0.2240. The main target for the bears could be $0.2140 in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is well below 50.
Major Support Levels – $0.2200, $0.2180 and $0.2140.
Major Resistance Levels – $0.2240, $0.2260 and $0.2320.
