Ripple Price Analysis: XRP/USD Turns Sell On Rallies
Ripple price declined heavily in the past few hours and weakened more than 10%. XRP to USD is likely to remain in a downtrend as long as it is below $0.2040 and $0.2100.
Key Takeaways: XRP/USD
- Ripple price is down more than 10% and it tumbled below the $0.2000 support against the US Dollar.
- XRP/USD is facing a strong resistance near the $0.2100 level and a bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also under pressure and it is now trading below the $7,000 support.
Ripple Price Analysis
After consolidating for some time, ripple price broke the key $0.2150 support area. As a result, XRP to USD declined more than 10% and broke many supports near the $0.2050 and $0.2000 levels.
Looking at the 2-hours chart, ripple price even settled below the $0.2000 support level and the 50 simple moving average (2-hours, purple). There was a sharp decline and the price traded close to the $0.1900 level.
A low is formed near $0.1910 and the price is currently correcting higher. It is trading near the 23.6% Fib retracement level of the recent slide from $0.2158 to $0.1910.
On the upside, there are many hurdles near the $0.2000 and $0.2040 levels. Besides, the 50% Fib retracement level of the recent slide from $0.2158 to $0.1910 is near the $0.2035 level.
The main resistance is near the $0.2100 area. It seems like ripple price is facing a strong resistance near the $0.2100 level and a bearish trend line on the 2-hours chart.
Therefore, a clear break above the $0.2040 and $0.2100 resistance levels is needed for a trend change in the near term. If there are more downside, the price could continue to move down towards the $0.1900 support area.
The next major support for ripple price below the $0.1900 support area is near the $0.1850 level. Any further losses may perhaps open the doors for a sharp decline towards the $0.1820 level in the near term. On the upside, the $0.2100 resistance holds the key.