• Ripple price extended its decline and tested the key $0.2650 support area against the US dollar.
  • The price could accelerate its decline if it fails to hold the key $0.2650 support.
  • There is a major declining channel forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price may perhaps correct higher, but upsides are likely to face hurdles near $0.2800 and $0.2850.

Ripple price is showing bearish signs against the US Dollar, similar to bitcoin and Ethereum. XRP price must stay above $0.2650 to start a decent recovery in the near term.

Ripple Price Analysis

In the past few days, ripple price followed a bearish path and settled below $0.300 against the US Dollar. The XRP/USD pair even broke the $0.2850 support area and the 100 hourly simple moving average. The recent decline was such that the price traded below the $0.2720 level and tested the main support area near $0.2650 (the previous breakout resistance).

The recent low was formed near $0.2640 and the price is currently consolidating. An immediate resistance is near the $0.2695 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $0.2864 high to $0.2640 low. On the upside, there are many resistances near the $0.2750 and $0.2800 levels. Additionally, the 50% Fib retracement level of the recent decline from the $0.2864 high to $0.2640 low is near $0.2752.

More importantly, there is a major declining channel forming with resistance near $0.2810 on the hourly chart of the XRP/USD pair. The channel resistance is close to the 100 hourly SMA at $0.2820. Therefore, ripple price is likely to face a strong resistance near the $0.2800 and $0.2850 levels. A successful close above the $0.2850 resistance could open the doors for the fresh increase.

Conversely, if the price fails to correct higher above $0.2750 or $0.2800, it could continue to decline. The main support is near the $0.2650 and $0.2640 levels. A convincing break below the $0.2650 support area might start a solid decline in the coming sessions. The next key supports are near the $0.2550 and $0.2500 levels.

Ripple Price (XRP) Testing Crucial Support With Bearish Bias

Looking at the chart, ripple price is showing bearish signs below $0.2750 and $0.2800. The current price action is bearish, but there are a few possibilities of a decent recovery as long as the price is above $0.2650. If not, the price may soon test $0.2500.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level.

Major Support Levels – $0.2650, $0.2640 and $0.2500.

Major Resistance Levels – $0.2750, $0.2810 and $0.0.2850.



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Ripple Price (XRP) Testing Crucial Support With Bearish Bias
Ripple Price (XRP) Testing Crucial Support With Bearish Bias
Ripple Price (XRP) Testing Crucial Support With Bearish Bias
Ripple Price (XRP) Testing Crucial Support With Bearish Bias

Ripple Price (XRP) Testing Crucial Support With Bearish Bias

Ripple Price (XRP) Testing Crucial Support With Bearish Bias