Ripple (XRP) price is following a downward trend and has recently broken support of $ 0.2700 against the US dollar.
Bitcoin price fell around 8% and fell below the $ 10,000 support area.
The hourly chart of the XRP / USD pair has a significant bearish channel with a resistance of close to $ 0.2680 (data source from Kraken).
According to technical analysts, the pair may correct a few points, but the rise is likely to be around $ 0.2680 and $ 0.2700.
The price of the ripple tends to drop below the US $ 0.2700 against the US dollar. Shortly before XRP, he has seen too much pressure below $ 0.2650.
According to technical analysts, Ripple may drop to a new monthly low
Over the past two days, XRP prices have seen a steady decline in resistance to the US $ 0.2920. The recent decline accelerated after the price broke the support level of $ 0.2850. What’s more, the price fell below $ 0.2800 and below the 100-hour simple moving average. This has opened the doors to further losses and has recently seen a price drop below the $ 0.2700 support. The price of Ripple has recently been traded for as low as $ 0.2581 and is now combining losses.
The XRP traded above the $ 0.25620 level. The 23.6% Fib retreat level of the bearish movement fell from $ 0.2749 to $ 0.2581. However, the price could not exceed $ 0.2660. Apparently, there are many obstacles around $ 0.2660, $ 0.2680 and $ 0.2700. The recent failure was close to the 50% Fib withdrawal level of the downward movement. Moreover, the hourly chart of the XRP / USD pair has a large bearish channel with resistance around $ 0.2680.
What is the current step of the Ripple (XRP) price?
According to technical analysts, above the channel resistance, the next major resistance is close to $ 0.2700. The 100-hour SMA is standing near the $ 0.2750 level to avoid gain. The downside, immediate support is close to the low level of $ 0.2580. According to technical analysts, if there is a break below $ 0.2580, the Ripple price is likely to revisit the $ 0.2500 support area.
In this case, according to technical analysts, there is a risk of further negativity of less than $ 0.2500, and the price may reach a new monthly low. Looking at the graph, the XRP price is clearly trading in a downtrend below the $ 0.2700 and $ 0.2750 resistance levels. Therefore, in the near term, there are more disadvantages of $ 0.2580 and less than $ 0.2500. According to technical analysts, a value above just $ 0.2750 may adversely affect the current downward trend.
What do the technical indicators say about Ripple (XRP)?
Hourly MACD: MACD is expected to move to the bearish zone for XRP / USD.
Hourly RSI (Relative Strength Index): The RSI for the XRP / USD pair is now well below 50.
Major Support Levels: $ 0.2580, $ 0.2500 and $ 0.2420.
Main Resistance Levels: $ 0.2680, $ 0.2700 and $ 0.2750.