Ripple crashed hard! Here are the levels that XRP can test in the upcoming sessions.
- Ripple tends to decline against the US dollar at the time of writing.
- Bitcoin and Ethereum started a big drop below critical supports.
- There was a break below a key contract triangle, with support at $ 0.1830 on the hourly chart of the XRP / USD pair (Kraken’s data source).
- The pair may recover at higher levels, but bears are likely to appear around $ 0.1830.
Popular analyst: Ripple vulnerable to selloff after price breaks $ 0.18
Ripple price failed to clear the $ 0.1200 resistance level and started a sharp decline similar to BTC and ETH. XRP broke the $ 0.1880 and $ 0.1850 support levels to enter the bearish zone. This drop caused the price to slip below the $ 0.1820 support and the 100 hourly simple moving average. There was a break below a key contract triangle, with support at $ 0.1830 on the hourly chart of the XRP / USD pair.
Then XRP slipped below the $ 0.1800 support and tested the $ 0.1780 support. A low price of around $ 0.1783 is formed and the price is currently traded in the red zone. On the upside, the first resistance is near the $ 0.1830 level, according to the analyst. The first major resistance is near the $ 0.1850 level, according to the analyst.
Here are the critical levels and pivot points that Ripple can see
According to the analyst, if there is a clear break above $ 0.1820 and $ 0.1830, the price may revisit the $ 0.1850 resistance. The 50% Fib retracement level of the recent decline has dropped from $ 0.1900 to $ 0.1783. To start a new increase, the analyst must have a successful break above the $ 0.1820 resistance level and a follow-up move above the $ 0.1850 level. The next hurdle is near the $ 0.1200 level.
Ripple is currently finding deals around $ 0.1780. Therefore, according to the analyst, there may be higher corrections, but the bears can stop their upward trend around $ 0.1820. If the bulls cannot push the price above the $ 0.1830 resistance, there is a greater risk of further downside below $ 0.1780, according to the analyst. The next major support is at $ 0.1725, according to the analyst, below which the price may retest $ 0.1700.
Current view of Ripple price with technical indicators
Hourly MACD: For the XRP / USD pair, the MACD is struggling to gain traction in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP / USD is currently well below the 30 level.
Major Support Levels: $ 0.1780, $ 0.1720 and $ 0.1700.
Major Resistance Levels : $ 0.1830, $ 0.1850 and $ 0.1860.