Ripple Price (XRP) Bearish Scenario Active: BTC & ETH Nosedives
- Ripple price is trading in a bearish zone and recently broke the $0.2500 support against the US dollar.
- Bitcoin price is down around 5% and Ethereum price declined close to 10%.
- There is a key bearish trend line forming with resistance near $0.2610 on the hourly chart of the XRP/USD pair (data source from Kraken).
- It seems like yesterday’s discussed bearish scenario is active and the price could soon test $0.2400.
Ripple price is under a lot of pressure below $0.2650 against the US Dollar, similar to bitcoin. XRP price is likely to extend its decline below $0.2450 and $0.2420.
Ripple Price Analysis
Yesterday, we discussed possible scenarios and bigger picture for ripple against the US Dollar. XRP price failed to climb above the main $0.2750 and $0.2800 resistance levels. Moreover, it settled below the $0.2750 level and the 100 hourly simple moving average. As a result, the bears took control and pushed the price further lower below the $0.2650 and $0.2600 support.
The bearish scenario seems to be active as the price even broke the $0.2580 and $0.2500 supports to hit most targets as discussed in yesterday’s post. The price traded as low as $0.2461 before starting an upside correction. It recovered above the $0.2550 level plus the 23.6% Fib retracement level of the recent drop from the $0.2702 high to $0.2461 low.
However, there are many hurdles on the upside, starting with $0.2580. The stated $0.2580 level was a support earlier and now it could stop the upside. Moreover, it coincides with the 50% Fib retracement level of the recent drop from the $0.2702 high to $0.2461 low. There is also a key bearish trend line forming with resistance near $0.2610 on the hourly chart of the XRP/USD pair.
Therefore, the price is likely to struggle to surpass the $0.2580 and $0.2600 resistance levels. On the downside, an immediate support is near the $0.2500 level. If there is a fresh decline below $0.2500, the price could continue to move down towards the $0.2460 and $0.2420 levels. The next major support for the bulls is near the $0.2400 level.
Looking at the chart, ripple price is showing a lot of bearish signs below the $0.2650 resistance level. Therefore, there are high chances of another downward drift towards the $0.2450 and $0.2420 support levels. On the upside, a close above $0.2580 and $0.2600 is needed for a decent recovery.
Hourly MACD – The MACD for XRP/USD is slowly reducing its recent bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move back above the 30 level.
Major Support Levels – $0.2500, $0.2450 and $0.2420.
Major Resistance Levels – $0.2580, $0.2600 and $0.2650.