Ripple (XRP) Is Plunging and it’s Vulnerable For A Bigger Decline
After breaking the $0.1920 resistance, ripple made an attempt to surpass the $0.1980 resistance area, but it failed. XRP price traded as high as $0.1966 and recently started a sharp decline.
It broke the key $0.1900 support level to move into a bearish zone. The bears were able to push the price below the $0.1880 pivot and the 100 hourly simple moving average.
More importantly, there was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair. The pair even broke the last swing low near $0.1820 and traded to a new weekly low at $0.1812.
Ripple is currently consolidating losses above the $0.1812 low. An initial resistance is near the $0.1850 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.1966 high to $0.1812 low.
The first major resistance is near the $0.1880 level, followed by $0.1900. A successful close above the $0.1900 level might lead the price towards the 100 hourly simple moving average. Any further gains might increase the chances of an upside break above the $0.2000 resistance.