XRP Tests Crucial Support But It Could Drop After A Close Below $0.2600


XRP tests crucial support level but there are chances of a drop below the $0.2600 level as well as below $0.2550. XRP’s price is struggling to stay above the $0.2600 support so let’s take a closer look at the Ripple price news today and find out more.

Ripple is showing a few bearish signs below the $0.2750 level and the $0.2800 resistance against the US dollar. The price was testing the $0.2600 support and the 100 simple moving average. There was also a key bearish trend line forming with the resistance at $0.2720 on the 4-hour charts of the XRP/USD pair which could rally higher above $0.2750 or it could slump below it. After having a hard time clearing the $0.3120 resistance, Ripple’s XRP started a new decline and the price dropped below the $0.2800 support level.

xrp/usd
Source XRPUSD on TradingView.com

A new low was formed near the $0.2390 before the price started an upside correction with a break above $0.2500 and $0.2550 levels as well. The price managed to increase above 23.6% Fib Retracement level from the downward movement at the $0.3306 swing high to the $0.2390 low. The price seems to be facing strong resistance near the $0.2850 level with a key bearish trend line forming with resistance at the $0.2720 level on the XPR/USD charts. The trend line is now close to the 50% fib retracement level from the downward move at $0.3306 swing high to $0.2390 low. XRP is testing the $0.2600 support and remains well below the 100 simple moving average.

XRP daily price
XRP’s 24-hour Price chart (Source: Coingecko)

If there’s a downside break below these levels, the bears could gain strength and there’s also a risk of a sharp decline to the $0.2400 levels with the price being able to revisit the $0.2150 level in the near-term. If ripple manages to stay above the $0.2600 support zone, there are chances of a fresh increase with the first key resistance nearing the trend line of $0.2750. XRP tests crucial support level and a successful close above $0.2800 could open the doors for a surge at $0.300 and $0.3120 levels.

The 4-hour MACD for the pair is showing negative signs in the bearish zone while the 4-hour RSI remains well below the 50 level. The major support levels include $0.2600 and $0.2450 while the major resistance levels include $0.2750 and $0.2800. As reported earlier today, Ripple got hit with another class-action lawsuit by a Florida resident.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]



Source link