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Ripple Price (XRP) Decline Could Accelerate: BTC and ETH Weakens Further
Ripple price declined sharply after it broke the key $0.2900 support area against the US dollar.The price is down more than 10% and even tumbled to test the $0.2350 level.A short term breakout pattern is forming with resistance near $0.2685 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to accelerate its decline once it breaks the $0.2580 and $0.2500 support levels.Ripple price is down and out against the US Dollar and Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.2750 resistance. The current price action indicates more downsides below the $0.2550 and $0.2500 levels. It would be interesting to see how the bulls react if the price reaches the $0.2400 support area.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering above the 30 level.Major Support Levels – $0.2550, $0.2500 and $0.2400.Major Resistance Levels – $0.2700, $0.2750 and $0.2850.
Author: Aayush Jindal
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