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Ripple Price (XRP) Facing Uphill Task: Fresh Decline Likely
Ripple price started an upside correction after trading as low as $0.2580 against the US dollar.Bitcoin price is back above $10,000, but it is facing many important resistances near $10,250.Yesterday’s followed key declining channel with resistance near $0.2670 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is now facing a strong resistance near the $0.2750 level and the 100 hourly SMA.Ripple price is trading near a major resistance at $0.2750 against the US Dollar, similar to Looking at the chart, ripple price is clearly facing a strong resistance near the 100 hourly simple moving average and the $0.2750 level. Therefore, the bears may perhaps aim a fresh decline below the $0.2650 and $0.2600 levels. Only a successful close above $0.2750 might help the bulls in gaining strength.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining towards the 50 level.Major Support Levels – $0.2650, $0.2600 and $0.2580.Major Resistance Levels – $0.2750, $0.2840 and $0.2900.
Author: Aayush Jindal
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