Ripple (XRP) Just Rejected $0.24, And It’s Vulnerable To A Fresh Decline

Aayush Jindal

1 year ago

2 mins read

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Ripple failed to surpass the $0.2400 resistance area against the US Dollar, similar to bitcoin near $8,800. XRP price is currently declining and it seems vulnerable to a drop below $0.2300 and $0.2240.

Ripple price is clearly struggling to gain strength above $0.2400 and $0.2420 against the US dollar.
The price is facing an increase in selling pressure below the $0.2340 level.
This week’s followed key bearish trend line is protecting upsides with resistance near $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline sharply if there is a downside break below $0.2300 and $0.2240.

Ripple Price Facing Hurdles

Recently, there was a decent recovery in ripple above the $0.2320 and $0.2350 resistance levels against the US Dollar. XRP price even spiked above the $0.2400 resistance and the 100 hourly simple moving average.

However, the price failed to gain strength and topped near the $0.2420 area. A high was formed near $0.2415 and the price started a downward move. It broke the $0.2380 and $0.2350 levels.

Furthermore, there was a break below the 50% Fib retracement level of the upward move from the $0.2236 low to $0.2415 high. Ripple is now trading below the $0.2320 level and the 100 hourly SMA.

An immediate support is near the $0.2300 level. It coincides with the 61.8% Fib retracement level of the upward move from the $0.2236 low to $0.2415 high. If there is a downside break, the price could test the key $0.2240 support area.

On the upside, the bulls are facing a lot of barriers near $0.2380 and $0.2400. More importantly, this week’s followed key bearish trend line is protecting upsides with resistance near $0.2350 on the hourly chart of the XRP/USD pair.

Therefore, a successful close above the $0.2400 resistance area is needed for ripple to start a strong rise. The next key hurdles are visible near $0.2500 and $0.2550.

Risk Of Larger Decline In XRP

If XRP continues to struggle near $0.2380 and $0.2400, it could decline heavily. The main support is near the $0.2240 level, below which the bears are likely to aim a drop below $0.2200.

In the mentioned case, ripple price may perhaps continue to move down below $0.2150 and it might test the $0.2120 support area in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is below the 50 level.

Major Support Levels – $0.2300, $0.2240 and $0.2200.

Major Resistance Levels – $0.2350, $0.2380 and $0.2400.

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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