Ripple XRP Price Is Plunging, Still Risking A Drop Below $0.20

The Ripple XRP price is plunging as we speak, going down and showing a lot of bearish signs lately and is risking a drop below the $0.2200 and $0.2150 levels against the US dollar. The truth is, XRP started a major decline from well above the $0.2300 support and the coin followed a bearish pattern similar to Bitcoin and Ethereum to settle well below the 100 hourly simple moving average.

Also, the recent decline was such that the bears took the price below the $0.2150 support area. This is when Ripple’s XRP token tested the $0.2000 support level and a new monthly low was formed near $0.1998.

Currently, the Ripple XRP price is plunging and on the upside, there are many hurdles forming near the $0.2100 and $0.2120 levels. There is also a major contracting triangle forming with support near $0.2038 on the hourly chart of the XRP/USD pair.

If the pair continues breaking the triangle support and $0.2030, there are chances of further losses in the near term. The main support is near the $0.2000 area, below which the bears are likely to aim a test of the $0.1880 support area.

If Ripple (XRP) starts an upside correction in the altcoin news, it could test the key $0.2150 resistance area. There is also a crucial bearish trend line that is forming with resistance near $0.2160 on the same chart. Above this resistance, the 50% Fib retracement level of the recent dive from the $0.2449 high to $0.1998 low is near the $0.2220 area.

Therefore, a recovery in Ripple requires a solid break above the $0.2150 resistance and a follow through which may bring it above the $0.2200 level. If this does not happen, the bears are likely to aim more losses below the $0.2020 and $0.2000 support levels in the coming sessions.

The technical indicators for XRP right now show that the Ripple XRP price is plunging and that the following is what is happening in the crypto news:

• Hourly MACD – The MACD for XRP/USD is slowly recovering and it could move into the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.
• Major Support Levels – $0.2040, $0.2020 and $0.2000.
• Major Resistance Levels – $0.2100, $0.2120 and $0.2150.

The total cryptocurrency market capitalization is now at $224 billion after the steep fall from two days ago.