HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Charted: Ripple (XRP) Dives Below $0.30, Why 100 SMA Is The Key

Altcoins 2021/01/11 08:28 by Aayush Jindal

Ripple started a strong decline after it failed near $0.3700 against the US Dollar. XRP price is currently testing a major support near $0.2600 and the 100 SMA (H4).

  • Ripple is down over 20% and it broke a couple of major supports at $0.3000 against the US dollar.
  • The price tested the $0.2600 support zone and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.3320 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair must stay above $0.2600 and $0.2500 to start a fresh increase in the near term.

Ripple’s XRP Price is Down 20%

In the past few days, ripple’s XRP price made two attempts to gain strength above $0.3650 and $0.3700. The bulls failed to remain in control, resulting in a sharp decline below the $0.3200 support.

Today, bitcoin and ethereum saw a sharp decline as well, accelerating decline in XRP below the $0.3000 support level. The price declined over 20% and it broke the 23.6% Fib retracement level of the upward wave from the $0.1759 swing low to $0.3700 swing high.

There is also a key bearish trend line forming with resistance near $0.3320 on the 4-hours chart of the XRP/USD pair. The price is now testing the $0.2600 support zone and the 100 simple moving average (4-hours).

Ripple (XRP)

The 50% Fib retracement level of the upward wave from the $0.1759 swing low to $0.3700 swing high is also acting as a strong support.

If the price fails to stay above the $0.2600 and $0.2500 support levels, there is a risk of a sharp decline. In the stated case, the price could continue to move down towards the $0.2200 and $0.2120 support levels.

Fresh Recovery in XRP?

If ripple remains stable above the $0.2500 level, there are chances of a fresh increase. An initial resistance on the upside is near the $0.2920 level.

The first key resistance for the bulls is near the $0.3000 level. The main resistance is now near $0.3300 and the bearish trend line. A close above the $0.3300 resistance zone could push the price towards the $0.3700 and $0.3800 levels in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Levels – $0.2600, $0.2500 and $0.2220.

Major Resistance Levels – $0.2920, $0.3120 and $0.3300.

0 Like(s)



You should also read...

Altcoins 12/08/20 08:08 by Aayush Jindal
Ripple (XRP) Nosedives 8%, Technicals Indicate A Drop To $0.25
Ripple failed to clear the $0.3000 barrier and started a strong decline against the US Dollar. XRP price is down over 8% and it seems like the bears are aiming a test of the $0.2500 support. Ripple i...
Read More
Altcoins 28/08/20 07:48 by Aayush Jindal
Ripple (XRP) Price Nosedives, Here’s Why It Could Fuel Decline In Altcoins
Ripple declined sharply after it broke the $0.2700 support against the US Dollar, while bitcoin and ETH remained above weekly lows. XRP price is currently recovering, but it could fail near $0.2700. ...
Read More
Altcoins 11/12/20 08:28 by Aayush Jindal
Charted: Ripple (XRP) Signaling Bearish Continuation Below $0.55
Ripple is struggling to clear the $0.5800 resistance against the US Dollar. XRP price is showing bearish signs and it could accelerate lower below $0.5420. Ripple topped just above the $0.6000 level ...
Read More
Altcoins 29/12/20 08:18 by Aayush Jindal
Charted: Ripple (XRP) Tumbles 20%, Why It Could Test $0.20
Ripple started a fresh decline after it failed to stay above $0.3000 against the US Dollar. XRP price is over 20% and it seems like the bears are aiming a test of the $0.2000 support. Ripple started ...
Read More
Altcoins 07/01/21 08:28 by Aayush Jindal
Charted: Ripple (XRP) Recovery Faces Hurdle, Why Dips Could Be Limited
Ripple started a strong recovery wave above the $0.2500 and $0.3000 levels against the US Dollar. XRP price is currently facing a strong resistance, but dips might be limited below $0.2500. Ripple st...
Read More