Monday, December 9, 2019

Ripple (XRP) Price Following Downtrend, Risk of Breakdown Persists

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  • Ripple price is trading in a downtrend below the $0.2750 resistance against the US dollar.
  • The price is facing a lot of hurdles on the upside near the $0.2740 and $0.2750 levels.
  • This week’s crucial bearish trend line is intact with resistance near $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Besides, Ethereum is still holding the key $182 and $180 support levels.

Ripple price is struggling to recover and trading in a bearish zone against the US Dollar and bitcoin. XRP price remains at a risk of more losses below $0.2660.

Ripple Price Analysis

In the past few days, ripple followed a bearish path below the $0.2900 resistance area against the US Dollar. Moreover, XRP/USD settled below the key $0.2800 area and the 100 hourly simple moving average.

It opened the doors for more downsides below the $0.2750 support area. Recently, the price traded below the last swing low near $0.2680 and declined below $0.2670. A new monthly low was formed near $0.2668 and the price is currently correcting higher.

It broke the $0.2700 and $0.2710 resistance levels. Additionally, ripple climbed above the 50% Fib retracement level of the recent drop from the $0.2758 high to $0.2668 low.

However, the price seems to be facing a lot of hurdles on the upside near the $0.2740 and $0.2750 levels. More importantly, this week’s crucial bearish trend line is intact with resistance near $0.2800 on the hourly chart of the XRP/USD pair.

Furthermore, the 61.8% Fib retracement level of the recent drop from the $0.2758 high to $0.2668 low is also acting as a resistance. Therefore, a clear break above the $0.2740 and $0.2750 resistance levels is needed for more gains in the near term.

Once there is a clear break above $0.2750 and the 100 hourly SMA, the price could recover towards the $0.2820 and $0.2850 resistance levels. On the downside, an initial support is near the $0.2660 level. If the bulls fail to defend the $0.2660 and $0.2650 support levels, the next stop for the bears may perhaps be $0.2620.

Ripple Price

Looking at the chart, ripple price is clearly struggling below $0.2800 and $0.2750. A downtrend is in place and it seems like there are chances of more losses below the $0.2650 support level. In the mentioned case, the main support where the bulls may take a stand could be $0.2580.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is showing no signs of a decent recovery in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Levels – $0.2660, $0.2650 and $0.2620.

Major Resistance Levels – $0.2740, $0.2750 and $0.2820.

The post Ripple (XRP) Price Following Downtrend, Risk of Breakdown Persists appeared first on NewsBTC.

Analysis: Ripple (XRP) Price Following Downtrend, Risk of Breakdown Persists published by NewsBTC

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