Ripple Price Analysis: XRP/USD Targets Fresh Weekly Low
Ripple price is currently declining and trading below the $0.2240 resistance area. XRP to USD is likely to continue lower towards the key $0.2130 support area in the near term.
Key Takeaways: XRP/USD
- Ripple price is trading in a bearish zone below the $0.2240 resistance area against the US Dollar.
- XRP/USD is following a declining channel with resistance near $0.2220 on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also declining, but it is holding the $7,180 and $7,080 support levels.
Ripple Price Analysis
In the past few days, ripple price remained in a declining zone from well above the $0.2300 level. XRP to USD broke a couple of key supports near the $0.2200 level to start a fresh bearish wave.
Looking at the 2-hours chart, ripple price even settled below the $0.2200 support level and the 50 simple moving average (2-hours, purple). During the decline, there was a break below the 23.6% Fib retracement level of the last main upward move from $0.2006 to $0.2321.
Finally, the price traded below the $0.2192 support and tested the $0.2175 support area. An immediate support below $0.2175 is near the $0.2164 level.
Besides, the 50% Fib retracement level of the last main upward move from $0.2006 to $0.2321 is also near the $0.2165 level. However, the main support for ripple price is near the $0.2130 level (the previous breakout zone).
A downside break below $0.2130 could open the doors for more downsides. The next support could be near the $0.2080 level. It is near the 76.4% Fib retracement level of the last main upward move from $0.2006 to $0.2321.
Conversely, ripple price is facing a strong resistance near the $0.2220 and $0.2240 levels. It seems like the price is following a declining channel with resistance near $0.2220 on the 2-hours chart.
Therefore, the price must break the $0.2220 resistance area. An immediate hurdle for ripple above $0.2220 is near the $0.2240 level and the 50 simple moving average (2-hours, purple), above which the price is likely to rise steadily towards $0.2350 and $0.2400.