Ripple (XRP) Price Crashes Below Key Support: More Losses Possible @newsbtc #Analysis #Technical #Ripple #xrp

• Ripple price traded to a new monthly high at $0.4777 and recently declined sharply against the US dollar.
• The price broke the key $0.4570 and $0.4400 support levels to enter a bearish zone.
• This ...
  • Ripple price traded to a new monthly high at $0.4777 and recently declined sharply against the US dollar.
  • The price broke the key $0.4570 and $0.4400 support levels to enter a bearish zone.
  • This week’s crucial ascending channel was breached with support at $0.4500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded as low as $0.3999 and it remains at a risk of more losses in the near term.

  Ripple price declined sharply against the US Dollar, similar to bitcoin. XRP broke the $0.4400 support level, tested $0.4000, and it is currently correcting towards key resistance levels.

  Ripple Price Analysis

  Yesterday, we saw further gains above $0.4500 in ripple price against the US Dollar. The XRP/USD pair traded above the $0.4600 resistance even climbed above the last swing high. A new monthly high was formed at $0.4777 before the price started a major downside move. It broke many important supports, starting with $0.4550 and $0.4500. There was a sharp decline below the $0.4400 support and the 100 hourly simple moving average.

  More importantly, this week’s crucial ascending channel was breached with support at $0.4500 on the hourly chart of the XRP/USD pair. The pair declined below the $0.4180 and $0.4100 support levels as well. It tested the $0.4000 support area and it is currently correcting losses. There was a recovery above the $0.4100 level, and the 23.6% Fib retracement level of the recent decline from the $0.4777 high to $0.3999 low. However, the $0.4240 level is currently acting as a resistance.

  On the upside, there are many resistances near the $0.4300 and $0.4400 levels. The main resistance is near $0.4400 and the 100 hourly simple moving average. To start a fresh increase, the price must break the $0.4400 resistance area. Besides, the 50% Fib retracement level of the recent decline from the $0.4777 high to $0.3999 low is also near the $0.4388 level. On the downside, an initial support is near the $0.4050 level, below which there is a risk of more declines below the $0.4000 support area.

  

  Looking at the chart, ripple price seems to be struggling below the $0.4240 and $0.4300 levels. There could be a minor upward move, but the bulls are likely to struggle near $0.4300 or $0.4400. Therefore, as long as the price is trading below the $0.4400 level and the 100 hourly SMA, there is a risk of more downsides.

  Technical Indicators

  Hourly MACD – The MACD for XRP/USD is slowly reducing the recent bearish slope.

  Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level, with a negative angle.

  Major Support Levels – $0.4100, $0.4050 and $0.4000.

  Major Resistance Levels – $0.4240, $0.4300 and $0.4400.

  The post Ripple (XRP) Price Crashes Below Key Support: More Losses Possible appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ripple-xrp-price-crashes-below-key-support-more-losses-possible-5cf0a8a12f9352851246b55e