Ripple Failed To Stay Above The $0.2050 Resistance And It Could Decline Below The $0.1980 Or $0.1960 Levels

Ripple Failed To Stay Above The $0.2050 Resistance

Ripple Failed To Stay Above The $0.2050 Resistance And It Could Decline Below The $0.1980 Or $0.1960 Levels

Recently, bitcoin topped near the $9,950 level and declined sharply. It prompted a bearish reaction in ripple from the $0.2066 high. It seems like XRP price failed to stay above the $0.2050 resistance and started a fresh decline.

There was a break below the $0.2040 and $0.2020 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1848 low to $0.2066 high.

More importantly, there was a break below a key ascending channel with support near $0.2015 on the hourly chart of the XRP/USD pair. Ripple is now testing the $0.2000 support area and the 100 hourly simple moving average.

Ripple-Chart

If there is a downside break below the 100 hourly SMA, the price could test the $0.1980 support. It is close to the 50% Fib retracement level of the upward move from the $0.1848 low to $0.2066 high.

If there are more downsides, the price could continue to move down towards the $0.1920 support. Any further losses could open the doors for a larger decline towards the $0.1840 support area in the near term.

On the upside, an initial resistance is near the $0.2050 level. There is also a connecting bearish trend line with resistance near $0.2050 on the same chart. If ripple breaks the bearish trend line, there are chances of more gains above the $0.2066 high.

Related Reading: Ripple Failed To Stay Above The $0.2200 Support And It Could Continue To Drop Towards $0.2000

The next key resistance is near the $0.2095 and $0.2100 levels. Any further gains could lead the price towards the $0.2220 zone in the coming sessions.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.2000, $0.1960 and $0.1920.

Major Resistance Levels – $0.2050, $0.2100 and $0.2200.

Ripple Failed To Stay Above The $0.2050 Resistance And It Could Decline Below The $0.1980 Or $0.1960 Levels – Source: NewsBTC.com
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Good luck,

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