Ripple Failed To Stay Above $0.2200 As Bulls Weaken

Ripple failed to stay above the $0.2200 region as the bulls weaken and the price is showing some bearish signs while diving towards $0.2000. In today’s Ripple XRP price news we take a closer look at the charts and the analysis for the upcoming period.

Ripple almost reached the $0.2269 level and dropped against the US dollar and is now trading below the $0.2200 pivot level while the 100 hourly simple moving average remains the same. There was a break below the key bullish trend line that led to support close to the $0.2185 on the hourly charts for the XRP/USD pair. The pair will continue going lower in the near-term.

After the steady rise, Ripple failed to stay above the $0.2200 region and formed a short term top close to the $0.2269 level before starting a strong decline. There was a break below the $0.2200 support and the 100 hourly simple moving average but there as a break below as well within the key bullish trend line and support of $0.2185 on the hourly charts.

The pair is now trading below the 76% fib retracement level of the upward move from the $0.2084 low to the $0.2269 high and Ripple’s XRP is now trading close to the $0.2085. If the bears stay in action, there are risks of further losses while the immediate support is close to the $0.2040 level. The 1.618 Fib extension level from the upward move from the $0.2084 low to the $0.2269 high is the next support and any more losses could even start a bigger drop towards the $0.1920 support level.

Ripple is trading in a short-term bearish zone below the $0.2150 and $0.2100 levels so if XRP tries to recover, it could face major hurdles close to the $0.2120 level. The first major resistance is close to the $0.2200 level and the 100 hourly SMA above which the price will retest the $0.2265 pivot level in the upcoming sessions. The Hourly MACD for XRP/USD pair is gaining some pace within the bearish zone. The hourly RSI for the pair is declining and it is below the 35 levels while the major support levels are $0.2040, $0.2000, and $0.1970. Ripple recorded its lowest quarterly XRP sales yet by only selling a total of $1.75 million worth of coins which is down from the previous $13.08 million.