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Ripple (XRP) Price Resuming Decline, Bitcoin Breaks $8.5K

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Ripple (XRP) Price Resuming Decline, Bitcoin Breaks $8.5K

Ripple price is under pressure and struggling to surpass the $0.2660 resistance against the US dollar.The price is currently declining and it is likely to break the $0.2580 support area.There is a major bearish trend line forming with resistance near $0.2645 on the hourly chart of the XRP/USD pair (data source from Kraken).Conversely, Ripple PriceLooking at the chart, ripple price is clearly trading in a bearish zone below the $0.2700 and $0.2660 levels. On the downside, the $0.2520 and $0.2500 support levels are very important. Any further declines could its accelerate decline and the price may even struggle to hold $0.2450.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, but showing a few correction signs.Major Support Levels – $0.2600, $0.2580 and $0.2520.Major Resistance Levels – $0.2660, $0.2685 and $0.2720.

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Author: Aayush Jindal

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