Ripple Faces A Strong Resistance, Could Decline Below $0.2700

Ripple faces a strong resistance towards the $0.2740 and $0.2760 against the US dollar and the price could continue to drop lower unless there is a stronger price break above $0.2760 as we are reading further in the XRP news.

The significant bearish trend line for the altcoin is still close to the $0.2753 on the hourly charts of the XRP/USD pair. The price of XRP is trading below the key resistance levels against the US dollar and could extend the decline in the near term. This week, Ripple got stuck in the downtrend below the $0.2850 pivot level against the USD and the pair even broke many support levels near the $0.2780 and managed to settle below the 100 hourly simple moving average.

The last price decline slowed down below the $0.2700 and the price traded to a new monthly low at $0.2668 which later ended up with an upside correction above the $0.2700 level. However, Ripple faces strong resistance near the $0.2760 and the 100 hourly SMA. A new high level formed near the $0.2763 so the price is now declining meaning that XRP is trading below the $0.2720 level and is testing the 50% Fib retracement level of the upward move from the recent $0.2668 high.

Looking at the downside, the support is very closer to the $0.2700 level and besides the 61.8%  Fib retracement level of the upward move from the previous $0.2668 level is also nearing the $0.2700 area. If there is another downside break below the $0.2700 support so the price could go to the $0.2665 support level. If any further losses go further, XRP’s price could reach the $0.2600 area. The next key support area will be met at the $0.2540 level.

Ripple faces a strong resistance near the $0.2740 level as well and this week’s significant bearish trend is stronger with a close resistance near the $0.2735 on the hourly charts for the XRP/USD pair. By looking at the charts, the price of XRP is trading in a bearish zone below the $0.2760 resistance area and for this reason, there is a huge risk of a bigger downside below the $0.2700 and $0.2600 unless the bulls get stronger and push the price back above the $0.2760.