Ripple started a fresh decline after failing to stay above USD 0.3000 against the US dollar. XRP price is above 20% and it looks like the bears are looking to test the USD 0.2000 support.
- Ripple started a fresh decline well above the USD 0.2800 support zone against the US dollar.
- The price is now trading well below USD 0.2500 and the simple 100 (4 hours) moving average.
- A major bearish trendline is forming with resistance near USD 0.2460 on the XRP / USD pair’s 4hr chart (data source from Kraken).
- The pair is gaining bearish momentum and it could continue to decline towards USD 0.2000 or USD 0.1880.
Ripple’s XRP price is falling again
After a Sharp decrease, ripple’s XRP price started a decent wave of recovery. It broke the USD 0.3000 and USD 0.3200 resistance levels, but did not continue higher. A swing high was formed at $ 0.3867 before the bears took back control.
There was another sharp drop and the price dipped below the USD 0.3000 support. The price broke the USD 0.2800 support and settled well below 100 simple moving average (4 hours).
There was also a break below the 61.8% Fib retracement level of the recovery wave from the $ 0.2004 swing low to the $ 0.3867 high. It opened the doors to more downsides under $ 0.2400. A major bearish trendline is also forming with resistance near USD 0.2460 on the 4-hour chart of the XRP / USD pair.
Source: XRPUSD on TradingView.com
The price is now trading below the 76.4% Fib retracement level of the recovery wave from the $ 0.2004 swing low to the $ 0.3867 high. It looks like the bears are likely to target more losses below USD 0.2200. The next key support is near the USD 0.2000 level.
Even more losses could push the price into the $ 0.1550 zone. It is close to the 1.236 Fib expansion level of the swing low recovery wave of $ 0.2004 to $ 0.3867 high.
Benefits limited in XRP?
If ripple starts a recovery wave, it could face many hurdles starting at $ 0.2350. The first major resistance for the bulls is near the USD 0.2500 level and the bearish trend line.
The main resistance is now forming near the USD 0.3000 level, above which it could rebound towards the 100 simple (4 hours) moving average.
4-Hours MACD – The MACD for XRP / USD is gaining momentum in the bearish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the 40 level.
Key Support Levels – USD 0.2050, USD 0.2000 and USD 0.1550.
Key Resistance Levels – USD 0.2450, USD 0.2500 and USD 0.3000.