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Home Cryptocurrency news Ripple

Ripple (XRP) Is Plunging and it’s Vulnerable For A Bigger Decline

Aayush Jindal by Aayush Jindal
1 year ago
in Ripple, Technical analysis
Reading Time: 2min read
Ripple XRP
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Ripple failed to stay above the $0.1900 support and declined sharply against the US Dollar. XRP price remains at a risk of more losses below the $0.1800 support area

  • Ripple price is down more than 2% and it settled below the $0.1880 level against the US dollar.
  • A new weekly low is formed near $0.1812 and the price is now well below the 100 hourly simple moving average.
  • There was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct higher in the short term, but upsides are likely to remain capped near $0.1880.

Ripple Price Gaining Bearish Momentum

After breaking the $0.1920 resistance, ripple made an attempt to surpass the $0.1980 resistance area, but it failed. XRP price traded as high as $0.1966 and recently started a sharp decline.

It broke the key $0.1900 support level to move into a bearish zone. The bears were able to push the price below the $0.1880 pivot and the 100 hourly simple moving average.

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More importantly, there was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair. The pair even broke the last swing low near $0.1820 and traded to a new weekly low at $0.1812.

Ripple Price
Ripple Price

Ripple is currently consolidating losses above the $0.1812 low. An initial resistance is near the $0.1850 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.1966 high to $0.1812 low.

The first major resistance is near the $0.1880 level, followed by $0.1900. A successful close above the $0.1900 level might lead the price towards the 100 hourly simple moving average. Any further gains might increase the chances of an upside break above the $0.2000 resistance.

More Losses

On the downside, an initial support is near the $0.1810 and $0.1800 levels. If ripple fails to recover above the $0.1850 and $0.1880 resistance levels, it could continue to move down.

A clear break below the $0.1800 support area may perhaps lead the price towards the $0.1720 and $0.1680 support levels in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Major Support Levels – $0.1810, $0.1800 and $0.1720.

Major Resistance Levels – $0.1850, $0.1880 and $0.1900.

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Tags: RipplexrpXRPUSD
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Aayush Jindal

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 markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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