XRP dips below $ 0.30 after coming back near $ 0.3700 against the US dollar. The XRP price is currently testing a major support at around $ 0.2600 and 100 SMA (H4).
- Ripple fell more than 20% and broke some of the main supports of $ 0.3000 against the US dollar.
- The price tested the support zone of $ 0.2600 and the simple moving average of 100 (4 hours).
- There is a bearish trend line forming with resistance near $ 0.3320 on the 4-hour chart of the XRP / USD pair (Kraken data source).
- The pair is expected to stay above $ 0.2600 and $ 0.2500 to start a new increase in the short term.
XRP price dropped 20%
In the past few days, the XRP price of the ripple has made two attempts to gain strength above $ 0.3650 and $ 0.3700. The bulls failed to maintain control, resulting in a sharp drop below the $ 0.3200 support.
Today, bitcoin and ethereum also saw a sharp decline, accelerating the decline in XRP below the $ 0.3000 support level. The price fell more than 20% and broke the 23.6% Fib retracement level of the upward wave from $ 0.1759 to $ 0.3700.
There is also a bearish trend line forming with resistance near $ 0.3320 on the 4-hour chart of the XRP / USD pair. The price is now testing the $ 0.2600 support zone and the simple moving average of 100 (4 hours).
The 50% Fib retracement level of the rising wave, from $ 0.1759 low swings to $ 0.3700 high, is also acting as a strong support.
If the price does not stay above the support levels of $ 0.2600 and $ 0.2500, there is a risk of a sharp decline. In the case indicated, the price may continue to fall towards the support levels of $ 0.2200 and $ 0.2120.
Recent recovery in XRP?
If the swell remains stable above the $ 0.2500 level, there are chances of a further increase. Initial positive resistance is close to the $ 0.2920 level.
The first key resistance for bulls is close to the $ 0.3000 level. The main resistance is now close to $ 0.3300 and the downtrend line. A close above the $ 0.3300 resistance zone could push the price to the levels of $ 0.3700 and $ 0.3800 in the short term.
4-hour MACD – The MACD for XRP / USD is gaining momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the 50 level.
Key support levels – $ 0.2600, $ 0.2500 and $ 0.2220.
Main resistance levels – $ 0.2920, $ 0.3120 and $ 0.3300.