XRP Dives Back Below $0.30, Testing The Support Near $0.26

XRP dives back below the $0.30 price range after failing to hit $0.37 against the US dollar. Now, the price is testing a major support zone near the $0.26 level and the 100 SMA which is the key right not so let’s read more in today’s Ripple XRP news.

Ripple is down over 20% and it broke a few of the major supports at $0.30 against the US dollar. Its price tested the $0.26 support zone and the 100 hourly simple moving average with a key bearish trend line forming and the resistance nearing the 26 support zone and the 100 hourly simple moving average with a key bearish trend line forming and the resistance nearing the $0..
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332 on the 4-hour charts of the XPR/USD pair. This pair has to stay above $0.26 in order to start a fresh increase in the near-term.

Over the past few days, XRP’s price tried to gain strength above $0.36 two times but the bulls failed to remain in control and this, of course, resulted in a sharp drop below $0.32. Today, BTC and ETH both saw sharper declines as well and only sped up the decline in XRP below the $0.30 support levels. The price dropped over 20% and broke the 23.6% fib retracement level of the upward increase from the $0.175 swing low to the $0.37 swing high. XRP dives back after most major cryptocurrencies entered the red market as well.

There’s also a key bearish trend line forming with the resistance close to the $0.33 on the 4-hour charts of the pair with the price testing the $0.26 support and the 100 simple moving average. The 50% fib retracement level from the upwards move at the $0.175 swing low to $0.37 acts as strong support. If the price fails to stay above these support levels, there’s a stronger risk of a sharp decline. So the price has to continue moving towards a $0.22 level and the $0.21 support level as well.

If Ripple is able to stay above the $0.25 level, there are more chances of a fresh increase with the initial resistance on the upside nearing the $0.2920 level. The first key resistance for the bulls is close to the $0.30 level with the main resistance now nearing $0.33. Closing above this level could push the price to the $0.37 and the $0.38 levels in the near-term. The 4-hour MACD for the pair is slowly gaining more momentum in the bearish zone while the 4-hour RSI is well below the 50 level.