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Ripple (XRP) Price Turns Red: Indicators Suggest Upsides Likely To Remain Capped

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September 22nd 2020

Ripple is down 5% and it broke the key $0.2380 support zone against the US Dollar. XRP price is currently consolidating losses and upsides are likely to remain capped.

  • Ripple started a major decline below the $0.2440 and $0.2380 support levels against the US dollar.
  • The price is down 5% and it is now trading well below the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $0.2335 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could face a strong selling interest near the $0.2380 and $0.2400 levels in the near term.

Ripple Price Dives 5%

After a failed attempt to clear the $0.2500 resistance, ripple started a fresh decline. XRP price broke the $0.2440 and $0.2420 support levels to move into a bearish zone.

The decline gained pace below a major declining channel with support near $0.2415 on the hourly chart of the XRP/USD pair. The pair is down 5% and it is now trading well below the 100 hourly simple moving average.

A new weekly low is formed near the $0.2293 level and the price is now consolidating losses. It seems like ripple is facing hurdles near the $0.2335 level, plus the 23.6% Fib retracement level of the recent drop from the $0.2477 high to $0.2293 low.

Ripple (XRP) Price

Ripple (XRP) Price

Ripple price dives below $0.2380. Source: TradingView.com

There is also a key contracting triangle forming with resistance near $0.2335 on the same chart. A clear break above the triangle resistance could lead the price towards the $0.2380 resistance zone (the previous support and now a major hurdle).

The 50% Fib retracement level of the recent drop from the $0.2477 high to $0.2293 low is also near the $0.2385 level to act as a resistance. The main resistance for a fresh upward move is near the $0.2440 pivot level.

More Losses in XRP?

If ripple fails to clear the $0.2335 and $0.2380 resistance levels, there are chances of more losses. An initial support on the downside is near the $0.2300 area.

The main support is forming near the $0.2280 level. A clear break below the recent low and $0.2280 might open the doors for a move towards the $0.2200 level.

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 50 level.

Major Support Levels – $0.2300, $0.2280 and $0.2200.

Major Resistance Levels – $0.2335, $0.2380 and $0.2400.

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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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