The price of Ripple (XRP) recovered recently, but could not break the $ 0.2600 resistance against the US dollar.
The price is now falling and is at risk of falling below $ 0.2500.
The previously highlighted main downtrend is active with around $ 0.2580 on the hourly chart of the XRP / USD pair (Kraken data source).
The current technical structure is more negative than analysts, as long as the price is below $ 0.2620.
The Ripple price is gaining momentum against the US dollar and Bitcoin. According to analysts, if the XRP price continues to struggle below $ 0.2600, it can trade with a new monthly low.
Ripple (XRP) price analysis
Yesterday, the XRP fell sharply below the $ 0.2600 and $ 0.2580 support against the US dollar. The bears took control and pushed the price below the $ 0.2500 support level. Moreover, the price fell below the 100-hour simple moving average and slipped to a monthly low of less than $ 0.2460. Recently, an inverse correction was made above the $ 0.2500 and $ 0.2520 levels.
The price was also above the resistance level of $ 0.2580. However, resistance levels of $ 0.2600 and $ 0.2620 acted as key obstacles. Finally, the price amounted to around $ 0.2623 and then fell. The XRP is currently trading below $ 0.2550, with the 50% Fib retracement level of the last wave between $ 0.2460 and $ 0.2623. The downside is the immediate support close to the $ 0.2520 level. In addition, the 61.8% Fib retreat level of the last wave rose from $ 0.2460 to $ 0.2635.
Here are the levels that indicate the current step of Ripple, according to analysts
Therefore, according to analysts, XRP can accelerate the disadvantageous decline below the $ 0.2520 support. The next stop forbears may be close to the lowest level after $ 0.2460. More importantly, the price may continue to fall towards the support of US $ 0.2420 and the US $ 0.2400. According to analysts, in the upward direction, there is great resistance near the $ 0.2580 and $ 0.2600 levels. In addition, yesterday’s highlighted major bearish trend line was active on the hourly chart of the XRP / USD with resistance around $ 0.2580.
Therefore, according to analysts, the price of bulls above $ 0.2580 and $ 0.2600 resistance will not be easy to raise. When we look at the chart te Ripple the price is clearly struggling to continue above $ 0.2580 and $ 0.2600. According to analysts, the disadvantage is that a net break below $ 0.2520 and $ 0.2500 is likely to push the price further down. According to the analyst, bears could target support levels of $ 0.2420 and $ 0.2400 in the near term.
Hourly MACD: The MACD for the XRP / USD pair is about to return to the downtrend.
Hourly RSI (Relative Strength Index): For the XRP / USD parity, the RSI holds 40 with a small bullish angle.
Major Support Levels: $ 0.2520, $ 0.2500 and $ 0.2450.
Main Resistance Levels: $ 0.2580, $ 0.2600 and $ 0.2620.