Ripple (XRP) Is Plunging, But It’s Too Early to Say Bulls Have Given Up
After retesting the $0.1450 support area, ripple failed to continue above the $0.1620 resistance. XRP price made a couple of attempts to surpass the $0.1620 barrier, but it failed.
As a result, there was a fresh decline below the $0.1550 support level. The price even broke the $0.1500 support level and settled well below the 100 hourly simple moving average.
A low is formed near the $0.1446 and it seems like ripple price is well bid above the $0.1450 support. It is currently trading higher above the 23.6% Fib retracement level of the recent decline from the $0.1623 high to $0.1446 low.
An initial resistance is near the $0.1535 level. There is also a key bearish trend line forming with resistance near $0.1540 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $0.1623 high to $0.1446 low.
Above the trend line, the next resistance is near the $0.1580 level and the 100 hourly SMA. The main hurdle is still near $0.1620, above which the price is likely to rise steadily towards the $0.1750 level.
Chances of a Downside Break
On the downside, the main support for ripple is near the $0.1450 level, below which it could is likely to test the $0.1420 support area.
If the bears manage to lead the price below the $0.1450 and $0.1420 support levels, it could spark an increase in selling. The next major support is seen near the $0.1350 level.