Please share if you find this article interesting.
Ripple (XRP) Signaling Bearish Breakdown But Can Bears Gain Control?
Ripple is showing a few bearish signs below the $0.1980 resistance against the US Dollar. XRP price could start a strong decline if it breaks the $0.1900 support area.Ripple price is still struggling to gain momentum above the $0.2000 resistance against the US dollar.The bears were able to push the price below the key 100 hourly simple moving average.There was a break below a major contracting triangle with support near $0.1980 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could start a major decline if it breaks the $0.1900 support area.Ripple Price Showing Bearish SignsAfter forming a top near the $0.2050 level, ripple started trading in a contracting range. XRP price tRipple PriceThe pair spiked below the $0.1950 level and traded as low as $0.1921. Ripple is currently correcting losses and trading above the $0.1940 level.It is testing the 23.6% Fib retracement level of the recent decline from the $0.2008 high to $0.1921 low. On the upside, there is a major resistance forming near the $0.1965 level and the 100 hourly simple moving average.The 50% Fib retracement level of the recent decline from the $0.2008 high to $0.1921 low is also near the $0.1965 level to act as a major resistance. To move back into a positive zone, the price must settle above $0.1980 and the 100 hourly SMA.The main hurdles are still near $0.2000 and $0.2025, above which the bulls are likely to aim a larger upward move in the coming sessions.Downside Break?On the downside, an initial support is near the $0.1920 level. If ripple fails to recover above the $0.1965 and $0.1980 resistance levels, it could dive below $0.1920.The main support is near the $0.1900 area, below which the bears are likely to take control. The next stop for them could be the $0.1840 and $0.1800 levels in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is now gaining traction in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.Major Support Levels – $0.1920, $0.1900 and $0.1880.Major Resistance Levels – $0.1965, $0.1980 and $0.2000.Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.
Author: Aayush Jindal
Found this article interesting? Kindly share it on Social Media.