Ripple’s Price Dives To $0.20, Major Selling Opportunity On The Way

Ripple’s price dives to $0.20, down by 10 percent against the US dollar and the price is currently correcting higher but it is likely that it will have a hard time near the $0.2180 level as we are seeing in the XRP news today.

The key bearish trend line forming with resistance near the $0.2250 on the hourly charts of the XRP/USD pair, can be easily seen on the charts and the price is likely to resume the decline it doesn’t manage to recover to $0.2250 resistance levels. Ripple’s price dives under the pressure against the US dollar similarly to Ethereum and Bitcoin and its price still remains on rallies unless there is a daily close above the $0.2350.

Over the past few weeks, there was a nasty drop in ripple’s price below the $0.2350 support levels against the US dollar. Moreover, the XRP/USD pair declined more than 10 percent and tested the main $0.2000 support level. The new multi-month low was formed near the $0.2003 and the price settled below the 100 hourly simple moving averages and it is now correcting higher above the $0.2050 and $0.2080 resistance levels.

The price also traded above the 23.6% Fib retracement level of the recent decline from the $0.2349 high to the $0.2003 low. There are a few other resistances on the upside to be broken starting with the $0.2180 level. The 50% Fib retracement level of the recent decline from the $0.2349 high is also near the $0.2180 level that will act as a resistance. Also, there is a key bearish trend line forming with the resistance near the $0.2250 on the hourly charts of the pair.

Above the trend line resistance, the ripple price could even start a decent recovery and the next key resistance will be near the $0.2350 level along with the 100 hourly simple moving averages. The price has to settle now above the $0.2350 resistance and the 100 simple moving average in order to move into the positive zone. The price will likely struggle to climb above the $0.2250 and it could resume even further so we have to keep an eye on it in the following days.

The initial support on the downside is getting close to $0.2050 level and the main support is close to the $0.2000 below which there could be a risk of a drop towards the $0.1950 support area.