Ripple Technicals Suggest Another Breakdown Below $0.24

Ripple technicals suggest another breakdown below the $0.24 price level as XRP started a steady decline and traded below the $0.2500 support against the US dollar. XRP showed bearish signs and it could slide further below $0.2375 as we are reading more in our ripple news.

Ripple failed to stay above the $0.2500 support and extend the decline against the US dollar. The price is now trading below the point of $0.2450 support and the 100 hourly simple moving average. There was a break below the key contracting triangle with support at $0.2415 on the hourly charts of the pair. the pair will likely continue lower to the $0.2350 support or even $0.2320.

Over the past week, there was a sharp rejection in Ripple close to the $0.2600 area as the XRP price topped near the $0.2595 resistance zone and another decline.
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It broke a lot of important supports close to $0.2500 to move into the bearish zone. The decline was such that the price settled below the $0.2450 level and the 100 hourly simple moving average where it spiked below the $0.2400 support and traded as low as $0.2379. there was a short-term upside correction above the $0.2420 level as well as Ripple recovered above the 23.6% fib retracement level from the main decline at the $0.2503 high to the $0.2379 low. the bulls failed to clear the $0.2450 resistance and the 100 hourly simple moving average.

The Ripple technicals suggest that the coin was also rejected close to the 50% fib retracement level of the main decline at $0.2503 high to the $0.2379 low. As a result, there was another decline from the $0.2420 level. There was a break below a key contracting triangle with support of the $0.2415 on the hourly charts for the pair. The pair could show bearish signs and approaching the $0.2400 level with the next support getting near the $0.2380 and $0.2375 level. Another clear break below the recent low could lead the price towards $0.2350 or even $0.2320 in the near term.

The initial resistance for ripple is close to the $0.2540 level with the first key resistance nearing the $0.2425 level and the 100 hourly simple moving average. Another break above the 100 hourly SMA and the followup above $0.2450 resistance could open the doors for another fresh increase in the near-term. The next major resistance is close to the $0.2500 level. The hourly MACD for the pair is gaining pace in the bearish zone. The RSI for the XRP/USD is well below the 50 levels.