Price Analysis: Ripple (XRP) Price Primed for the Bearish Zone
Ripple(XRP) has been performing at a bearish pattern for the past few days. The coin’s price perfomance has mainly been below the $0.2800 and $0.2750 support levels against the United States Dollar. Furthermore, the XRP/USD pair found a footing below the $0.2750 support area and the 100 hourly SMA.
Stubborn Price Declines
Recent declines pulled the price below $0.2700 , resulting to the formation of a new monthly low around $0.2630. Currently, Ripple’s price is consolidating losses and has steadily corrected above the 23.6% Fib retracement level of the recent price decline from $0.2749 high to $0.2630 low.
Meanwhile, several resistances are forming on the upside near the support levels $0.2700 and $0.2680. The initial key resistance is currently around the $0.2690 level.XRP moving average convergence divergence (MACD) is indicative of a bearish pattern.Meanwhile the coin could attain its local bottom any time soon. Additionally, the 50% Fib retracement level of the recent price decline from $0.2749 high to $0.2630 low is closing on to the $0.2690 level.
Ripple (XRP) Major Resistance
Note the major resistance is presently around $0.2700 and $0.2720 levels. Furthermore, the week’s crucial bearish trend line is actively forming a resistance near $0.2700 on the XRP/USD hourly chart.
Ripple (XRP) shows significant signs to struggle near the 100 simple moving average and $0.2720. The price hurdle is however located above the trend line and successful close is necessary; to achieve an upside acceleration to the $0.2800 level. However, XRP could decline towards the $0.25 price level. A support zone that XRP has positioned itself for a considerable amount of time.Nevertheless, traders could expect and watch closely this price point at the end of the month.
On the downside, XRP is forming an initial support near the levels $0.2630 and $0.2620. Will there be a clear break further below the $0.2620 support, the price could certainly decline below the $0.2600 and $0.2550 support levels. In the event of such a situation, the next major support will play the bulls to take a stand near the $0.2450.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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