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Home Cryptocurrency news Ripple

Ripple (XRP) Plunge To $0.20 On The Horizon As Bulls Show Weak Hands

Aayush Jindal by Aayush Jindal
9 months ago
in Ripple, Technical analysis
Reading Time: 2min read
Ripple-XRP
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Ripple failed to stay above the $0.2200 support and declined recently against the US Dollar. XRP price is showing bearish signs and it could continue to dive towards $0.2000.

  • Ripple price topped near the $0.2269 level and declined recently against the US dollar.
  • It is now trading well below the $0.2200 pivot level and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue lower towards the $0.2000 support level in the near term.

Ripple Price Could Extend Losses

After a steady rise, ripple struggled to continue above the $0.2260 and $0.2280 levels. XRP formed a short term top near the $0.2269 level and recently started a strong decline.

There was a break below the key $0.2200 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair.

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Ripple Price
Ripple Price

The pair is now trading well below the 76.4% Fib retracement level of the upward move from the $0.2084 low to $0.2269 high. Ripple is now trading near the last swing low at $0.2085.

If the bears remain in action, there is a risk of more losses below $0.2080. An immediate support is seen near the $0.2040 level. The first key support is near the $0.2000 area.

The 1.618 Fib extension level of the upward move from the $0.2084 low to $0.2269 high is the next major support near the $0.1970 level. Any further losses could open the doors for a larger decline towards the $0.1920 and $0.1900 support levels.

Key Hurdles

Ripple is clearly trading in a short term bearish zone below the $0.2150 and $0.2100 levels. If the price attempts a recovery, it could face hurdles near the $0.2120 level.

The main resistance is near the $0.2200 level and the 100 hourly SMA, above which the price is likely to retest the $0.2265 pivot level in the coming sessions.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is well below the 35 level.

Major Support Levels – $0.2040, $0.2000 and $0.1970.

Major Resistance Levels – $0.2120, $0.2200 and $0.2220.

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Tags: Ripplexrp
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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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