Ripple could not stay above the resistance of $ 0.2050 and recently fell against the US dollar. The XRP is showing bearish signs and could drop further below $ 0.1980 and $ 0.1960.
- Ripple was trading up to $ 0.2066 and recently started a further decline against the US dollar.
- The price shows many bearish signs below the levels of $ 0.2050 and $ 0.2020.
- There was a break below a key bullish channel with support close to $ 0.2015 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is expected to continue to fall below the levels of $ 0.1980 and $ 0.1960.
Ripple price could drop further
Recently, bitcoin has crossed the $ 9,950 level and dropped significantly. It caused a bearish reaction in the wave of the high of $ 0.2066. It seems that the price of XRP did not stay above the resistance of $ 0.2050 and a new decline has started.
There was a break below the levels of $ 0.2040 and $ 0.2020. The price fell below the Fibonacci retracement level of 23.6% of the upward movement, going from the lowest of $ 0.1848 to the highest of $ 0.2066.
More importantly, there was a break under a rising key channel with support close to $ 0.2015 per hour. graphic
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of the XRP / USD pair. Ripple is now testing the support area of $ 0.2000 and the simple moving average of 100 hours.
Ripple prices
If there is a bearish break below the 100 hour SMA, the price could test the support at $ 0.1980. It is close to the 50% retracement level of the upward movement, from the lowest of $ 0.1848 to the highest of $ 0.2066.
If there are other drawbacks, the price could continue to slide towards the support of $ 0.1920. Any further loss could pave the way for a further drop to the support zone of $ 0.1840 in the short term.
XRP bullish breakout chances
On the upside, initial resistance is approaching the level of $ 0.2050. There is also a downtrend line with resistance close to $ 0.2050 on the same chart. If the wave breaks the downtrend line, there is a chance of more gains above the high of $ 0.2066.
The next key resistance is near the levels of $ 0.2095 and $ 0.2100. Any additional gain could push the price towards the zone of $ 0.2220 in the next sessions.
Technical indicators
Hourly MACD: The MACD for XRP / USD is gaining momentum in the bearish area.
Hourly Relative Strength (RSI): The RSI for XRP / USD is currently well below the 50 level.
Main support levels: $ 0.2000, $ 0.1960 and $ 0.1920.
Main resistance levels: $ 0.2050, $ 0.2100 and $ 0.2200.
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