Ripple Price (XRP) Could Turn Bearish Below $0.2400 @newsbtc #Analysis #Technical #Ripple #xrp

• Ripple price struggled to break the $0.2550 resistance and declined recently against the US dollar.
• The price is trading below $0.2500 and it seems like it could slowly decline towards $0.2400.
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  • Ripple price struggled to break the $0.2550 resistance and declined recently against the US dollar.
  • The price is trading below $0.2500 and it seems like it could slowly decline towards $0.2400.
  • There was a break below a connecting bullish trend line with support near $0.2475 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could accelerate lower if there is a break below the $0.2420 and $0.2400 support levels.

  Ripple price is under pressure below $0.2500 against the US Dollar, similar to bitcoin. XRP price must break $0.2500 and $0.2550 to start a strong upward move.

  Ripple Price Analysis

  Yesterday, ripple price made a couple of attempts to surpass the $0.2550 resistance against the US Dollar. However, the XRP/USD pair failed to gain strength above $0.2550 and recently declined. It broke the $0.2500 and $0.2480 support levels. Moreover, there was a close below the $0.2500 level and the 100 hourly simple moving average.

  During the decline, there was a break below a connecting bullish trend line with support near $0.2475 on the hourly chart of the XRP/USD pair. The pair tested the $0.2420 support area and it is currently correcting higher. It broke the $0.2450 level, plus the 50% Fib retracement level of the recent decline from the $0.2544 high to $0.2415 low. However, the previous support near the $0.2500 level and the 100 hourly simple moving average are currently preventing an upside break.

  Moreover, the 61.8% Fib retracement level of the recent decline from the $0.2544 high to $0.2415 low is acting as a resistance. There is also a connecting bearish trend line forming with resistance near $0.2500 on the same chart. Therefore, an upside break above the $0.2500 level might start a fresh increase. The next key resistance is near the $0.2550 level, above which the price could test the main $0.2620 resistance.

  On the downside, an immediate support is near the $0.2450 level, followed by $0.2420. If there is a bearish break below the $0.2420 and $0.2400 support levels, the price may perhaps retest the main $0.2350 support in the near term.

  

  Looking at the chart, ripple price is clearly trading in a bearish zone below $0.2550 and the 100 hourly SMA. It seems like there could be another dip towards the $0.2400 or $0.2350 support level. On the upside, the bulls need to gain strength above $0.2550 and $0.2620 for bullish continuation.

  Technical Indicators

  Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

  Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level, with bearish signs.

  Major Support Levels – $0.2420, $0.2400 and $0.2350.

  Major Resistance Levels – $0.2500, $0.2550 and $0.2620.

  The post Ripple Price (XRP) Could Turn Bearish Below $0.2400 appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ripple-price-xrp-could-turn-bearish-below-02400-5d96c3c10edc6e2328fa9970