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Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives
Ripple price is trading in a downtrend below the $0.3000 and $0.3050 resistances against the US dollar.The price is likely to extend its decline considering the recent decline in bitcoin price below $11,000.There is a major bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is facing an uphill task and it could even break the $0.2900 support area in the near term.Ripple price is trading with a bearish angle against the US Dollar, while recovering vs Looking at the chart, ripple price is facing many hurdles on the upside near $0.2990, $0.3000 and $0.3050. A successful close above the $0.3000 level and the 100 hourly SMA might encourage the bulls in the short term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well below the 50 level.Major Support Levels – $0.2950, $0.2900 and $0.2840.Major Resistance Levels – $0.2990, $0.3000 and $0.3050.
Author: Aayush Jindal
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