Ripple Price (XRP) Could Breakdown Below $0.2480
- Ripple price is struggling to gain momentum above the $0.2600 resistance against the US dollar.
- The price is currently declining and it could continue to move down below $0.2520.
- There is a connecting bearish trend line forming with resistance near $0.2545 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could decline sharply below the $0.2500 and $0.2480 support levels in the near term.
Ripple price is showing bearish signs below $0.2500 against the US Dollar, similar to bitcoin. XRP price is struggling to climb and it could accelerate losses below $0.2480.
Ripple Price Analysis
This week, XRP price made another attempt to climb above the $0.2650 resistance against the US Dollar. The price failed to remain in the positive zone above $0.2650 and later started a fresh decline. The bulls failed to keep the price above the $0.2600 level and the 100 hourly simple moving average. Ripple is struggling and is trading well below the $0.2580 level.
The recent decline was such that the price even broke the $0.2550 support. A swing low was formed near $0.2510 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent decline from the $0.2636 high to $0.2511 low. However, the upward move was capped by the $0.2560 level. Moreover, there is a connecting bearish trend line forming with resistance near $0.2545 on the hourly chart of the XRP/USD pair.
If there is an upside break above the trend line, the price could test the $0.2580 resistance. Additionally, the 50% Fib retracement level of the recent decline from the $0.2636 high to $0.2511 low is also near the $0.2580 level. If the price climbs above $0.2580 level, there are chances of it revisiting the main $0.2650 resistance area in the near term.
Conversely, if the price continues to decline, it could struggle to stay above the $0.2510 and $0.2500 support levels. The main support is now near the $0.2480 level. If the price slides further, there is a risk of a breakdown below the $0.2450 level.
Looking at the chart, ripple price is showing a lot of bearish signs and is trading well below the $0.2580 level. As long as the price is trading below $0.2580, there are chances of more losses. On the upside, the bulls might continue to face a strong selling interest near the $0.2650 level.
Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving well below the 50 level.
Major Support Levels – $0.2510, $0.2500 and $0.2480.
Major Resistance Levels – $0.2560, $0.2600 and $0.2620.