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Ripple Price (XRP) Could Extend Losses, Bitcoin Settles Below $10K | NewsBTC

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  • Ripple price struggled to recover above the $0.3250 resistance and extended losses against the US dollar.
  • The price traded below the $0.3100 support and traded close to the $0.3025 level.
  • There is a significant declining channel forming with resistance near $0.3120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more losses and it could even test the $0.2960 support level.

Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could decline further unless the bulls push the price back above the $0.3150 resistance.

Ripple Price Analysis

In the past two days, there were steady losses in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair failed to stay above the $0.3250 and $0.3200 support levels. Moreover, there was a break below the $0.3100 support level. The decline was such that the price even traded below the 76.4% Fib retracement level of the upward move from the $0.3103 low to $0.3420 swing high.

Moreover, the price settled below the 100 hourly simple moving average and spiked below the $0.3060 level. The price is currently trading near the $0.3030 level and tested the 1.236 Fib extension level of the upward move from the $0.3103 low to $0.3420 swing high. More importantly, there is a significant declining channel forming with resistance near $0.3120 on the hourly chart of the XRP/USD pair.

On the upside, the main resistance levels are $0.3100 and $0.3150. A successful close above the $0.3150 resistance is needed for a decent recovery. The next major resistance above $0.3150 is near the $0.3220 and $0.3225 levels. However, the price must break the $0.3250 resistance and the 100 hourly SMA to move back in a positive zone.

On the downside, an immediate support is near the $0.3030 and $0.3025 levels. If there is a downside break below $0.3025, the price could even break the $0.3000 support. The next important support is near the $0.2960 level. If there are more losses, the price might test the 1.618 Fib extension level of the upward move from the $0.3103 low to $0.3420 swing high.

Looking at the chart, ripple price is clearly trading in a bearish zone below $0.3120 and $0.3150. To start a fresh increase, the price must accelerate above the $0.3150 level. If not, there is a risk of more downsides below $0.3000.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently 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 – $0.3025, $0.3000 and $0.2960.

Major Resistance Levels – $0.3100, $0.3120 and $0.3150.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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