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Ripple (XRP) Is Plunging And Here’s Why It Could Retest $0.20

Ripple extended its decline and broke the key $0.2270 support against the US Dollar, similar to bitcoin below $8,500. XRP price is now at a risk of more losses towards $0.2050 or $0.2000.

  • Ripple price is gaining bearish momentum and it is now well below $0.2300 against the US dollar.
  • The price is trading near the $0.2200 support and it is likely to extend its decline.
  • This week’s major bearish trend line is still active with resistance near $0.2295 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might slide further if it breaks the $0.2180 and $0.2150 support levels in the near term.

Ripple Price Facing Bears

Recently, there was an increase in selling pressure on ripple after it failed to clear the $0.2400 resistance against the US Dollar. As a result, XRP price extended its decline below the $0.2320 support and the 100 hourly simple moving average.

The bears gained pace and pushed the price below the $0.2250 support level. Finally, the price spiked below the $0.2200 support level and traded to a new weekly low at $0.2171.

It is currently correcting higher, but it is facing hurdles near the $0.2200 and $0.2210 levels. Besides, the 23.6% Fib retracement level of the recent decline from the $0.2370 high to $0.2171 low is acting as a hurdle.

It seems like ripple is slowly turning bearish and it is likely to face a lot of hurdles near $0.2300. The first key resistance is near the $0.2270 level. It coincides with the 50% Fib retracement level of the recent decline from the $0.2370 high to $0.2171 low.

Ripple Price

Ripple Price

More importantly, this week’s major bearish trend line is still active with resistance near $0.2295 on the hourly chart of the XRP/USD pair. If there is a clear break above the trend line and $0.2300, the price could start a decent upward move towards $0.2400.

XRP Remains At Risk

If XRP fails to correct above $0.2270 or $0.2300, it is likely to extend its decline. The first key support is near the $0.2150 level. If the bears push the price below $0.2150, there is a risk of a sharp decline below $0.2100.

In the mentioned case, ripple price may perhaps decline towards the main $0.2000 support area in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level, with a bearish angle.

Major Support Levels – $0.2150, $0.2100 and $0.2000.

Major Resistance Levels – $0.2270, $0.2295 and $0.2300.

Ripple (XRP) Is Plunging And Here’s Why It Could Retest $0.20 was last modified: January 24th, 2020 by Aayush Jindal

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