//Ripple (XRP) Just Rejected Key Resistance And Its Exposed To Fresh Decline

Ripple (XRP) Just Rejected Key Resistance And Its Exposed To Fresh Decline

Ripple is struggling to clear the key $0.2150 resistance area against the US Dollar. XRP price is showing a few bearish signs and it could resume its decline below $0.2110.

  • Ripple price is likely to start a fresh decline below $0.2100 against the US dollar.
  • The price is facing a lot of hurdles near the $0.2140 and $0.2150 levels.
  • There is a short term ascending channel forming with support near $0.2115 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might start a strong increase if it clears the main $0.2150 resistance area.

Ripple Price Is Facing Hurdles

Yesterday, we discussed a couple of important hurdles for ripple near the $0.2150 area. XRP price started a decent upward move from the $0.1978 swing low and climbed above the $0.2000 and $0.2050 levels.

It managed to climb above the 23.6% Fib retracement level of the key decline from the $0.2450 high to $0.1978 low. The bulls were able to push the price above the $0.2100 resistance area, but it failed to gain pace above the $0.2140 and $0.2150 resistance levels.

The price action suggests that ripple was rejected near the $0.2150 resistance. It is currently declining and trading below the $0.2125 level. Moreover, there is a short term ascending channel forming with support near $0.2115 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple Price

If the pair fails to stay above the $0.2115 and $0.2100 support levels, it is likely to resume its decline. An initial support below $0.2100 is near the $0.2050 level. Any further losses could start a sharp and steady decline towards the $0.1980 level in the near term.

Chances of a Strong Recovery

On the upside, ripple is clearly facing a major hurdle near the $0.2150 resistance level. The next resistance is seen near the $0.2200 level since it is close to the 100 hourly simple moving average.

The 50% Fib retracement level of the key decline from the $0.2450 high to $0.1978 low is also near the $0.2215 level to act as a key resistance. To start a fresh increase and a strong recovery, the bulls need to surpass the $0.2150 hurdle and then gain pace above the $0.2200 pivot level.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.

Major Support Levels – $0.2100, $0.2050 and $0.2000.

Major Resistance Levels – $0.2150, $0.2200 and $0.2215.

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