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Ripple (XRP) Is Plunging and it’s Vulnerable For A Bigger Decline

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Ripple failed to stay above the $0.1900 support and declined sharply against the US Dollar. XRP price remains at a risk of more losses below the $0.1800 support area Ripple price is down more than 2% and it settled below the $0.1880 level against the US dollar. A new weekly low is formed near $0.1812 and the price is now well below the 100 hourly simple moving average. There was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could correct higher in the short term, but upsides are likely to remain capped near $0.1880. Ripple Price Gaining Bearish Momentum After breaking the $0.1920 resistance, ripple made an attempt to surpass the $0.1980 resistance area, but it failed. XRP price traded as high as $0.1966 and recently started a sharp decline. It broke the key $0.1900 support level to move into a bearish zone. The bears were able to push the price below the $0.1880 pivot and the 100 hourly simple moving average. More importantly, there was a break below a major ascending channel with support near $0.1900 on the hourly chart of the XRP/USD pair. The pair even broke the last swing low near $0.1820 and traded to a new weekly low at $0.1812. Ripple Price Ripple is currently consolidating losses above the $0.1812 low. An initial resistance is near the $0.1850 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.1966 high to $0.1812 low. The first major resistance is near the $0.1880 level, followed by $0.1900. A successful close above the $0.1900 level might lead the price towards the 100 hourly simple moving average. Any further gains might increase the chances of an upside break above the $0.2000 resistance. More Losses On the downside, an initial support is near the $0.1810 and $0.1800 levels. If ripple fails to recover above the $0.1850 and $0.1880 resistance levels, it could continue to move down. A clear break below the $0.1800 support area may perhaps lead the price towards the $0.1720 and $0.1680 support levels in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level. Major Support Levels – $0.1810, $0.1800 and $0.1720. Major Resistance Levels – $0.1850, $0.1880 and $0.1900. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

OhNoCrypto

via https://www.ohnocrypto.com

Aayush Jindal, Khareem Sudlow