The price of Ripple (XRP) is currently following a downtrend below the support area of $0.2700. At the moment, the price is trading around the support area of $0.2620. The crucial bearish trend line for the week is still very active.
The Price Analysis For Ripple
Ripple has been struggling to stabilize its price in the past couple of days. It has largely followed a bearish pattern below the support areas of $0.2800 and $0.2750 against the US Dollar. In addition to all that, the pair of Ripple and the US Dollar settled below the support area $0.2750.
The latest decline has not done the crypto coin any good. It was pushed below the support area of $0.2700. A new monthly low also formed around the price of $0.2630. It is currently consolidating more losses. The XRP price even corrected above the 23.6% Fib retracement level of the latest drop. The decline landed the price to a low of $0.2630 from a high of $0.2749.
More Resistances On The Upside
There are still more upsides around the levels of $0.2700 and $0.2680. The first major resistance that was witnessed was around the level of $0.2690. In addition to that, there was also a 50% Fib retracement level of the latest drop to the low of $0.2630 from the high of $0.2749. It is currently near the price level of $0.2690.
XRP’s main resistance is, however, around the price levels of $0.2700 and $0.2720. There is an important thing that all should take note of. The crucial bearish trend line for this week is still active with resistance in the region of $0.2700 on the hourly chart of XRP and US Dollar pair.
Ripple From The Charts
From the charts, the price of Ripple is now facing an uphill task in the region of $0.2720 and $0.2700. The bears will still be in control. The only remedy to this is if the bulls manage to drive the price above the level of $0.27202. It appears like they are sighting a brand new downside break that is below the support levels of $0.2500 and $0.2600. Ripple is expected to struggle around the 100-Hourly Simple Moving Average as well as the price of $0.2720.
The Main Technical Indicators
The MACD for the pair of Ripple and US Dollar is now gaining certain momentum while in the bearish zone. The hourly Relative Strength Index – RSI of the coin is also within manageable levels. At the moment, the RSI of the pair of US Dollar and Ripple is below the 50 levels. The three major support levels are $0.2620, $0.2600, as well as $0.2500. On the other hand, the three key resistance levels have also been identified. They include $0.2690, $0.2700, as well as $0.2720.