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Ripple (XRP) Is Plunging And Here’s Why It Could Retest $0.20
Ripple extended its decline and broke the key $0.2270 support against the US Dollar, similar to Ripple PriceMore importantly, this week’s major bearish trend line is still active with resistance near $0.2295 on the hourly chart of the XRP/USD pair. If there is a clear break above the trend line and $0.2300, the price could start a decent upward move towards $0.2400.XRP Remains At RiskIf XRP fails to correct above $0.2270 or $0.2300, it is likely to extend its decline. The first key support is near the $0.2150 level. If the bears push the price below $0.2150, there is a risk of a sharp decline below $0.2100.In the mentioned case, ripple price may perhaps decline towards the main $0.2000 support area in the coming sessions.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level, with a bearish angle.Major Support Levels – $0.2150, $0.2100 and $0.2000.Major Resistance Levels – $0.2270, $0.2295 and $0.2300.
Author: Aayush Jindal
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