Ripple Price Drops To $0.22, Traders Clueless On Future Movements

The major cryptocurrency Ripple is down by 5% as it broke the key $0.2300 support zone against the US dollar. Now, we can see that the Ripple price drops to $0.22 and is struggling to recover higher, while traders are clueless as to a potential recovery in the cryptonews.

After staying in a bearish zone for some time, we saw that XRP broke the key $0.23 support and tested the $0.22 support. There is also a major bearish trend line forming with resistance near $0.2315 on the hourly chart of XRP/USD and the pair could nosedive below the key $0.2200 support if it struggles to recover above $0.2320.

The pair declined by 5% and traded below the $0.2250 support, and it even spiked below $0.2200 and settled well below the 100 hourly simple moving average. A new weekly low is formed near the $0.2195 level and the price is now consolidating its losses.

Presently, the coin is testing the 23.6% Fib retracement level of the recent decline from the $0.2351 high to the $0.2195 low. On the upside, we can see initial resistance for the bulls being near the On the upside, we can see initial resistance for the bulls being near the $0..
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2280 level.

The Ripple news also show that in order to start a recovery wave, the price must surpass the $0.2300 and $0.2320 resistance levels, while the next key resistance is near the $0.2350 level and the 100 hourly simple moving average.

If XRP fails to recover above the If XRP fails to recover above the $0..
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2280 and $0.2300 resistance levels, there are increased chances of more losses. The fact that the Ripple price drops to $0.22 rings an alert, and a clear break below this support zone might spark a new frightening decline. The next major support after this could be near the $0.2120 level, where the bulls are likely to appear again.

Meanwhile, other coins such as Ethereum (ETH) and Bitcoin Cash (BCH) are also losing. ETH has declined by 2.74% so far on the day, while BCH is down by 2.41%. The only gainers in the top 10 are Polkadot (DOT), Binance Coin (BNB), and Chainlink (LINK).

Currently, the technical indicators for XRP look like the following:

• Hourly MACD – The MACD for XRP/USD is now starting to move into the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now going higher in the direction of the 40 level.
• Major Support Levels – $0.2210, $0.2200 and $0.2120.
• Major Resistance Levels – $0.2280, $0.2300 and $0.2320.