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Ripple (XRP) Just Signaled “Sell” And It’s Vulnerable to Substantial Correction
Ripple is struggling to clear the $0.2025 and $0.2050 resistance levels against the US Dollar. XRP price is currently correcting lower and it could extend its decline towards $0.1920 or $0.1880.Ripple price is showing a few bearish signs below the $0.2025 resistance against the US dollar.It seems like the bulls are struggling to clear the $0.2025 and $0.2050 resistance levels.There was a break below a key contracting triangle with support near $0.2000 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could continue to decline towards the $0.1920 support or $0.1880.Ripple Price Could Correct GainsIn the past two days, ripple made a couple of attempts to clear the $Ripple PriceRipple is currently testing the $0.1985 level or the 50% Fib retracement level of the recent wave from the $0.1949 low to $0.2026 high. If there is a downside break below the $0.1980 level, the price is likely to accelerate lower in the near term.In the mentioned case, the price is likely to extend its decline towards the $0.1920 support area. The 100 hourly simple moving average is also waiting near the $0.1920 level to provide support. Any further losses may perhaps call for a test of the key $0.1880 support level.Key HurdlesOn the upside, there are two major hurdles for ripple bulls near the $0.2025 and $0.2050 levels. To start a convincing rally, the price must gain bullish momentum above $0.2025 and then surpass $0.2050.A successful close above the $0.2050 resistance area could open the doors for more upsides towards the $0.2100 and $0.2150 levels in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is about to move into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.Major Support Levels – $0.1980, $0.1920 and $0.1880.Major Resistance Levels – $0.2000, $0.2025 and $0.2050.Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.
Author: Aayush Jindal
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