Ripple Signals Bearish Breakdown Again: Price Analysis

Ripple signals a few bearish signs below the $0.1980 price level against the US dollar and the XRP price is likely to start a strong decline if it breaks the support area. In today’s XRP news, we can see that the price is still struggling to gain momentum above the $0.2000 resistance and the bears are able to push the price below the key 100 hourly simple moving average.

There was another break below the triangle of support at $0.1980 on the hourly charts of the altcoin and the XRP/USD pair could start another major decline if it manages to break the $0.1900 support area. After forming the top $0.2050 level, the Ripple XRP price started trading in a contracting range and the price traded below the important support levels close to the $0.2000 and to move into a short term bearish zone. There was another clear break below the $0.1980 and the bears are likely able to clear the contracting triangle with support close to the $0.1980 on the charts for the pair.

The pair spiked below the $0.1950 level and traded lower than $0.1921 so Ripple is trying to correct further and to start trading above $0.1940 level. It is also testing the 23.6% fib retracement level of the decline from $0.2008 high to the $0.1921 low and on the upside, there seems to be a major resistance forming close to the $0.1965 level and the 100 hourly simple moving average. The 50% fib retracement level from the previous decline, is also close to the $0.196 level and could act as another resistance. The move back into the positive zone should lead the price to $0.1980 as Ripple signals another correction. The main hurdles will still be at $0.2000 and $0.2025.

On the downside for the Ripple XRP price, there is initial support nearing the $0.1920 level so if Ripple fails to recover above this level and above the $0.1980, it could drop below $0.1920. The main support is getting close to the $0.1900 area below which the bars will likely take over. The next stop for the price will be at the $0.1840 bullish territory in the near term.

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