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    Ripple Price Technical Analysis – XRP/USD Broke Down

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    Key Highlights

    • Ripple price failed to hold the $0.2600 support and moved down against the US Dollar.
    • There was a break below yesterday’s highlighted contracting triangle pattern with support at $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The price might test the $0.2350 support area if the current sentiment remains intact.

    Ripple price broke a key support against the US Dollar and Bitcoin. XRP/USD might correct further in the near term towards the $0.2350 level.

    Ripple Price Resistance

    Yesterday, we discussed that Ripple price is approaching a break either above $0.2640 or below $0.2600 against the US Dollar. The price failed to make an upside move and started declining below $0.2600. It broke yesterday’s highlighted contracting triangle pattern with support at $0.2600 on the hourly chart of the XRP/USD pair. It opened the doors for more losses below $0.2550.

    The worst part was a close below $0.2500 and the 100 hourly simple moving average. The price has moved below the $0.2500 handle and traded towards $0.2400. It might correct a few points higher towards $0.2460. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2660 high to $0.2400 low near $0.2460.  Above $0.2460, the 50% Fib retracement level of the last decline from the $0.2660 high to $0.2400 low at $0.2530 would act as a hurdle.

    Moreover, the triangle resistance trend line is at $0.2600, which might continue to stop the upside move. On the downside, there are chances that the price could test $0.2350. Below the last, the price could even test the $0.2300 handle in the near term.

    Looking at the technical indicators:

    Hourly MACD – The MACD for XRP/USD is now placed well into the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading towards the extreme oversold levels.

    Major Support Level – $0.2350

    Major Resistance Level – $0.2550

     

    Charts courtesy – Trading View, Kraken

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