Ripple Price Analysis: XRP/USD Could Extend Decline
Ripple price started a major decline from well above the $0.2300 level. XRP to USD is approaching the $0.2175 support, below which it could decline heavily.
Key Takeaways: XRP/USD
- Ripple price is currently under pressure below the $0.2260 resistance area against the US Dollar.
- XRP/USD declined below the $0.2250 support and an ascending channel on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also declining and it is struggling to stay above the $7,220 support area.
Ripple Price Analysis
After a steady rise, ripple price faced a strong selling interest near the $0.2330 resistance area. XRP to USD is under a lot of pressure and it recently broke the $0.2260 and $0.2245 support levels.
Looking at the 2-hours chart, ripple price even settled below the $0.2245 support level and the 50 simple moving average (2-hours, purple). Besides, the price spiked below the 50% Fib retracement level of the key upward move from $0.2094 to $0.2326.
The price tagged the $0.2200 support area and it is now consolidating above $0.2200. The next support is near the $0.2182 level. It coincides with the 61.8% Fib retracement level of the key upward move from $0.2094 to $0.2326.
If there is a downside break below the $0.2175 support area, there is a risk of a sharp decline in the near term. The next immediate support is near the $0.2150 level or the 76.4% Fib retracement level of the key upward move from $0.2094 to $0.2326.
If there are more downside, the price could continue to move down towards the $0.2100 support area. Conversely, the price could make an attempt to correct higher above $0.2245.
However, the bulls may perhaps struggle to push the price above the $0.2250 level and simple moving average (2-hours, purple). If they succeed, the price will most likely rise above the $0.2300 level.
The main resistance area is near the $0.2325 zone, above which the price is likely to turn super bullish in the coming days. Overall, ripple is trading in a bearish zone below $0.2245 and it could decline below $0.2200 in the near term.