Ripple is showing a few bearish signs below the $0.1980 resistance against the US Dollar. XRP price could start a strong decline if it breaks the $0.1900 support area.
- Ripple price is still struggling to gain momentum above the $0.2000 resistance against the US dollar.
- The bears were able to push the price below the key 100 hourly simple moving average.
- There was a break below a major contracting triangle with support near $0.1980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a major decline if it breaks the $0.1900 support area.
Ripple Price Showing Bearish Signs
After forming a top near the $0.2050 level, ripple started trading in a contracting range. XRP price traded below a couple of important supports near $0.2000 to move into a short term bearish zone.
Recently, there was a clear break below the $0.1980 level and the key 100 hourly simple moving average. The bears were able to clear a major contracting triangle with support near $0.1980 on the hourly chart of the XRP/USD pair.
The pair spiked below the $0.1950 level and traded as low as $0.1921. Ripple is currently correcting losses and trading above the $0.1940 level.
It is testing the 23.6% Fib retracement level of the recent decline from the $0.2008 high to $0.1921 low. On the upside, there is a major resistance forming near the $0.1965 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent decline from the $0.2008 high to $0.1921 low is also near the $0.1965 level to act as a major resistance. To move back into a positive zone, the price must settle above $0.1980 and the 100 hourly SMA.
The main hurdles are still near $0.2000 and $0.2025, above which the bulls are likely to aim a larger upward move in the coming sessions.
On the downside, an initial support is near the $0.1920 level. If ripple fails to recover above the $0.1965 and $0.1980 resistance levels, it could dive below $0.1920.
The main support is near the $0.1900 area, below which the bears are likely to take control. The next stop for them could be the $0.1840 and $0.1800 levels in the near term.
Hourly MACD – The MACD for XRP/USD is now gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Levels – $0.1920, $0.1900 and $0.1880.
Major Resistance Levels – $0.1965, $0.1980 and $0.2000.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
Credit: Source link