XRP Is Plunging But It Is Early To Say Bulls Have Given Up

Ripple’s token lost more than 5% overnight and broke the $0.1550 support region against the US dollar. As XRP is plunging, the price is stabilizing above the key $0.1450 and $0.1420 support levels, but may be far from a new bullish momentum.

As soon as XRP dropped and retested the $0.1450 support area, the token failed to continue above the $0.1620 resistance. This is how the XRP price made a couple of attempts to surpass the $0.1620 barrier – and how it failed doing that.

In the XRP news today, we can see that the fresh decline was a result of the fall below the $0.1550 level. The price even broke the $0.1500 support level and settled well below the 100 hourly simple moving average.

Now, a new low is formed near the $0.1446 area and it seems like the Ripple price is well bid above the $0.1450 support line. Currently, it is trading highger above the 23.6% but there is no denying of the fact that XRP is plunging and initiated a decline from the $0.1623 high to a $0.1446 low.

Today is not only a bad Monday for Ripple’s token – the Bitcoin and the coming altcoin news also show a lot of losses. BTC managed to lose 5% on the day while altcoins like Tezos (XTZ) have dropped by 10% overnight. Still, what concerns this analysis is the fact that XRP is plunging and whether that drop will continue in the near term.

From a technical standpoint, we can see that the trend line is close to the 50% Fib retracement level of the recent decline from the $0.1623 high to the $0.1446 low. Above this trend line, the next resistance is near the $0.1580 level and the 100 hourly SMA. the main hurdle is set near $0.1620 above which the price is very likely to rise steadily and hit the $0.1750 levels.

Anyways, the downsides show that the main support as XRP is plunging is near the $0.1450 level – a region which we know from last week, below which the price could also test the $0.1420 support area. Right now, the bears and bulls are fighting and if the bears win, the price will remain below $0.15 and if the bulls overtake, we could see a new increase to $0.16 or above.