June 25, 2021

Charted: Ripple (XRP) Testing Crucial Support, Why It Could Nosedive

2 min read

Ripple is having a hard time to remain above the essential $0.2600 support against the United States Dollar. XRP rate might nosedive if there is a close listed below $0.2600 and $0.2550.

  • Ripple is revealing a few bearish signs listed below the $0.2750 and $0.2800 resistance levels versus the US dollar.
  • The price is checking the $0.2600 support and it is well below the 100 easy moving average (4-hours).
  • There is a key bearish pattern line forming with resistance near $0.2720 on the 4-hours chart of the XRP/USD set (information source from Kraken).
  • The set might either rally above $0.2750 or it might move towards the $0.2150 assistance.

Ripple’s XRP Price is Struggling To Recover

After struggling to clear the $0.3120 resistance, ripple’s XRP rate started a fresh decrease. The cost decreased greatly below the $0.2800 assistance level and it even increased listed below $0.2600.

A low was formed near $0.2390 prior to the cost started an upside correction. There was a break above the $0.2500 and $0.2550 levels. The price climbed up above the 23.6% Fib retracement level of the downward relocation from the $0.3306 swing high to $0.2390 low.

Nevertheless, the cost appears to be dealing with resistance near the $0.2850 level. There is also an essential bearish trend line forming with resistance near $0.2720 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com The pattern line is close to the 50% Fib retracement level of the down relocation from the $0.3306 swing high to $0.2390 low. XRP is now evaluating the $0.2600 support and it is well below the 100 basic moving average (4-hours).

If there is a downside break listed below the $0.2600 assistance level, the bears are most likely to acquire strength. In the stated case, there is a risk of a sharp decrease towards the $0.2400 and $0.2350 levels. The cost could even revisit the $0.2150 level in the near term.

Fresh Increase in XRP?

If ripple stays above the $0.2600 assistance zone, there are opportunities of a fresh increase. Th first key resistance is near the trend line and $0.2750. The next major resistance is near the $0.2800 level and the 100 SMA (H4).

An effective close above the $0.2800 level might open the doors for a surge towards the $0.3000 and $0.3120 levels.

Technical Indicators

4-Hours MACD –-- The MACD for XRP/USD is revealing unfavorable check in the bearish zone.

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

Major Support Levels –-- $0.2600, $0.2450 and $0.2150.

Significant Resistance Levels –-- $0.2750, $0.2800 and $0.35000.