Ripple failed to recover above the $0.1950 resistance and started a fresh decline against the US Dollar. XRP price is likely to accelerate lower below $0.1840 and $0.1800 in the near term.
- Ripple was rejected above the $0.1950 level and it is again declining against the US dollar.
- The price is now trading well below the $0.1920 level and the 100 hourly simple moving average.
- There was a break below a declining channel with support near $0.1885 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to break the $0.1840 support level to continue lower.
Ripple Price is Gaining Bearish Momentum
After trading as low as $0.1831, ripple price started an upside correction. XRP recovered above the $0.1850 and $0.1900 resistance levels to start a decent recovery wave.
The bulls managed to push the price above the 23.6% Fib retracement level of the downward move from the $0.2040 high to $0.1831 low. The recovery gained pace above the $0.1920 resistance, but the price failed to continue higher above $0.1950 and the 100 hourly simple moving average.
It seems like the bears defended the 50% Fib retracement level of the downward move from the $0.2040 high to $0.1831 low. A high was formed near $0.1950 and the price resumed its decline.
There was a break below a declining channel with support near $0.1885 on the hourly chart of the XRP/USD pair. It opened the doors for a fresh decline and ripple price is now trading well below the $0.1920 level and the 100 hourly simple moving average.
An initial support is near the $0.1840 level, below which the price might struggle to stay above the $0.1831 low. In the mentioned case, there is a risk of more losses below the $0.1800 support level in the near term.
Recovery Hopes in XRP?
On the upside, the bulls are facing a lot of hurdles near $0.1920 and $0.1950. To move into a positive zone, ripple must settle above the $0.1950 level and the 100 hourly SMA.
The main resistance is now near the $0.2000 level, above which the price is likely to start a steady rise in the coming days.
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.
Major Support Levels – $0.1840, $0.1800 and $0.1780.
Major Resistance Levels – $0.1920, $0.1950 and $0.2000.
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This post was originally published on www.newsbtc.com