Ripple (XRP) Plunge To $0.20 On The Horizon As Bulls Show Weak Hands

After a steady rise, ripple struggled to above the $0.2260 and $0.2280 levels. XRP formed a short term top near the $0.2269 level and recently started a strong decline.

There was a break below the $0.2200 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair.

The pair is now trading well below the 76.4% Fib retracement level of the upward move from the $0.2084 low to $0.2269 high. Ripple is now trading near the last swing low at $0.2085.

If the bears remain in action, there is a risk of more losses below $0.2080. An immediate support is seen near the $0.2040 level. The first key support is near the $0.2000 area.

The 1.618 Fib extension level of the upward move from the $0.2084 low to $0.2269 high is the next major support near the $0.1970 level. Any further losses could open the doors for a larger decline towards the $0.1920 and $0.1900 support levels.

Key Hurdles

Ripple is clearly trading in a short term zone below the $0.2150 and $0.2100 levels. If the price attempts a recovery, it could face hurdles near the $0.2120 level.

The main resistance is near the $0.2200 level and the 100 hourly , above which the price is likely to retest the $0.2265 pivot level in the coming sessions.


Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More