- Ripple price is declining and it is now trading below the $0.2180 support against the US dollar.
- The price is trading in a downtrend and it seems like the bears are aiming $0.2000.
- This week’s major bearish trend line is still active with resistance near $0.2205 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum also traded below the key $145 support and it could retest $135.
Ripple price is showing signs of further losses against the US Dollar and bitcoin. XRP price is likely to revisit the main $0.2000 support area in the near term.
Ripple Price Analysis
After ripple failed to break the $0.2260 resistance area against the US Dollar, it started a fresh decline. As a result, XRP price traded below a few key supports near the $0.2220 and $0.2200 levels.
Moreover, there was a break below the $0.2180 support area and the 100 hourly simple moving average. The last swing high was formed near $0.2219 before the price broke the $0.2180 support.
Finally, the price traded below the $0.2150 support and tested the $0.2120 area. A low is formed near $0.2115 and the price is currently consolidating losses. An immediate resistance is near the $0.2140 level.
Besides, the 23.6% Fib retracement level of the recent decline from the $0.2219 high to $0.2115 low is also near $0.2140. The main resistance on the upside is near the $0.2180 level (the previous support area).
Additionally, the 61.8% Fib retracement level of the recent decline from the $0.2219 high to $0.2115 low is also near the $0.2180 level. More importantly, this week’s major bearish trend line is still active with resistance near $0.2205 on the hourly chart of the XRP/USD pair.
To move back into a bullish zone, ripple price needs to surpass many hurdles, starting with $0.2180 and up to $0.2200. The 100 hourly simple moving average is also near $0.2220 to prevent an upside break.
On the downside, an initial support is near the $0.2120 level. The current price action suggests there are high chances of another decline below the $0.2120 and $0.2100 support levels in the near term.
Looking at the chart, ripple price is under a lot of pressure below the $0.2180 pivot level. In the short term, there could be an upside correction, but the price is likely to face sellers near the $0.2180 and $0.2200 levels.
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the oversold region.
Major Support Levels – $0.2120, $0.2100 and $0.2050.
Major Resistance Levels – $0.2140, $0.2180 and $0.2200.
Aayush Jindal , 2019-12-04 06:28:18