HomeAltcoin NewsRipple Price Analysis: XRP Trend Overwhelmingly Negative

Ripple Price Analysis: XRP Trend Overwhelmingly Negative

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  • Ripple price is declining and it is trading below the $0.2200 pivot area against the US dollar.
  • The price is likely to continue lower towards the $0.2100 and $0.2050 support levels.
  • There is a key bearish trend line forming with resistance near $0.2180 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • A downside break below the $0.2100 support area could accelerate decline towards $0.2020.

Ripple price is facing an increase in selling pressure below $0.2200 against the US Dollar. XRP price is likely to continue lower towards $0.2100 or even $0.2020.

Ripple Price Analysis

In the past few days, ripple price made two attempts to surpass the $0.2320 resistance against the US Dollar. However, XRP/USD failed to continue above $0.2320 and started a steady decline.

It broke the $0.2266 support area to enter a bearish zone. Moreover, there was a close below the $0.2200 level and the 55 simple moving average (4-hours). It opened the doors for more losses below the $0.2180 level.

Besides, the price settled below the 61.8% Fib retracement level of the upward move from the $0.2099 low to $0.2320 high. The price is now trading well below the $0.2180 level and the 55 simple moving average (4-hours).

An immediate support is near the $0.2100 level. It seems like the price is likely to trade below the $0.2100 level considering the fact that it is now trading below the 76.4% Fib retracement level of the upward move from the $0.2099 low to $0.2320 high.

The next major support is near the $0.2045 level. It is close to the 1.236 Fib extension level of the upward move from the $0.2099 low to $0.2320 high.

Any further losses may perhaps lead ripple price towards the $0.2020 support area. The next major support is near the $0.2000 area.

On the upside, there are many hurdles for the bulls near the $0.2180 and $0.2200 levels. Additionally, there is a key bearish trend line forming with resistance near $0.2180 on the 4-hours chart of the XRP/USD pair.

Therefore, if the price breaks the trend line resistance, it could test the $0.2220 zone and the 55 SMA. A close above the $0.2220 barrier is needed for a fresh increase towards the $0.2320 resistance.

Ripple Price
Ripple Price

Looking at the chart, ripple price is at a risk of a downside break below $0.2120 and $0.2100. The main target for the bears could be $0.2040 or $0.2020.

Technical indicators

4 hours MACD – The MACD for XRP/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.

Key Support Levels – $0.2120, $0.2100 and $0.2045.

Key Resistance Levels – $0.2180 and $0.2220.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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