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Ripple (XRP) Price Dives To $0.20, Recovery Presents Sell Opportunity


  • Ripple price is down close to 10% and it even traded close to the $0.2000 support against the US dollar.
  • The price is currently correcting higher, but it is likely to struggle near $0.2180 and $0.2250.
  • There is a key bearish trend line forming with resistance near $0.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to resume its decline if it fails to recover above the $0.2250 resistance.

Ripple price is under a lot of pressure against the US Dollar, similar to bitcoin and Ethereum. XRP price remains sell on rallies unless there is a daily close above $0.2350.

Ripple Price Analysis

In the past few sessions, there was a nasty drop in ripple below the $0.2350 and $0.2250 support levels against the US Dollar. Moreover, XRP/USD declined more than 10% and recently tested the main $0.2000 support level.

Finally, a new multi-month low was formed near $0.2003 and the price settled well below the 100 hourly simple moving average. It is currently correcting higher above the $0.2050 and $0.2080 resistance levels.

Besides, the price traded above the 23.6% Fib retracement level of the recent decline from the $0.2349 high to $0.2003 low. However, there are many resistances on the upside, starting with the $0.2180 level.

The 50% Fib retracement level of the recent decline from the $0.2349 high to $0.2003 low is also near the $0.2180 level to act as a resistance. Additionally, there is a key bearish trend line forming with resistance near $0.2250 on the hourly chart of the XRP/USD pair.

Above the trend line resistance, ripple price might attempt a decent recovery. The next key resistance is near the $0.2350 level and the 100 hourly simple moving average.

Therefore, the price must settle above the $0.2350 resistance and the 100 hourly simple moving average to move into a positive zone. Conversely, the price might struggle to climb above $0.2250 and it could resume its decline.

An initial support on the downside is near the $0.2050 level. The main support is near the $0.2000 level, below which there is a risk of a drop towards the $0.1950 support area.

Ripple Price

Ripple Price

Looking at the chart, ripple price is currently correcting higher, but it is approaching a couple of important resistances near the $0.2180 and $0.2250 level, where sellers are likely to emerge again.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is still placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well near the oversold levels.

Major Support Levels – $0.2050, $0.2020 and $0.2000.

Major Resistance Levels – $0.2150, $0.2180 and $0.2250.

The post Ripple (XRP) Price Dives To $0.20, Recovery Presents Sell Opportunity appeared first on NewsBTC.

Source

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Veröffentlicht von Paul Christoph

Mein Name ist Paul Christoph Feichtinger, geboren am 15.5.1991 in Oberndorf bei Salzburg und mittlerweile stolzer Autor von 11 Büchern (7 in Deutsch und 4 in Englisch), 4 Apps (bald kommt Nummer 5) und dieser Webseite. Bei Paul Solutions bekommen alle Bücher und Apps ihre Form. Sieh dich ruhig ein bisschen auf meiner Webseite um, vielleicht gibt es auch für dich noch das ein oder andere zu entdecken. ;-)

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