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Ripple (XRP) Price Plunges to $0.22: Can Bulls Save This Key Support?

Harvest Set to Permit Operators to Acquire Return on XRP, BTC

September 24th 2020

Ripple is down 5% and it broke the key $0.2300 support zone against the US Dollar. XRP price tested the next major support at $0.2200 and it is currently struggling to recover higher.

  • Ripple remained in a bearish zone and broke the key $0.2300 support against the US dollar.
  • The price is testing the $0.2200 support trading well below the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $0.2315 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could nosedive below the key $0.2200 support if it struggles to recover above $0.2320.

Ripple Price Testing Key Support

Yesterday, we discussed the chances of a sharp decline in ripple below $0.2300. XRP price failed to recover above the $0.2400 resistance and started a fresh decline below the key $0.2300 support level.

It declined 5% and traded below the $0.2250 support. It even spiked below $0.2200 and settled well below the 100 hourly simple moving average. A new weekly low is formed near the $0.2195 level and the price is now consolidating losses.

It is testing the 23.6% Fib retracement level of the recent decline from the $0.2351 high to $0.2195 low. On the upside, an initial resistance for the bulls is near the $0.2280 level.

Ripple (XRP) Price

Ripple (XRP) Price

Ripple price dives below $0.2250. Source: TradingView.com

The 50% Fib retracement level of the recent decline from the $0.2351 high to $0.2195 low is also near the $0.2280 level. The main resistance is now near the $0.2300 level (the recent breakdown zone). There is also a major bearish trend line forming with resistance near $0.2315 on the hourly chart of the XRP/USD pair.

To start a strong recovery wave, the price must surpass the $0.2300 and $0.2320 resistance levels. The next key resistance is near the $0.2350 level and the 100 hourly simple moving average.

More Losses in XRP?

If ripple fails to recover above the $0.2280 and $0.2300 resistance levels, there are chances of more losses. The key support for the bulls is near the $0.2200 level.

A clear break below the $0.2200 support zone might spark another nasty decline. The next major support could be near the $0.2120 level, where the bulls are likely to appear.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.

Major Support Levels – $0.2210, $0.2200 and $0.2120.

Major Resistance Levels – $0.2280, $0.2300 and $0.2320.

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XRP vi.be Editor

XRP vi.be Editor

Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the ‘source’ link you can visit the originating place of the content.

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