XRP Is Bearish And Needs To Find Its Key Support Levels

The price of XRP is bearish today and struggling to find its key support. The dominant coin is showing bearish signs below the $0.1880 pivot level against the US dollar. The previous key support near $0.1850 is very likely to act as a major resistance.

The Ripple news also show that after struggling to clear the $0.1950 resistance, XRP started a fresh bearish wave which brought the price of the coin lower, breaking the key $0.1880 pivot zone and support region to move into a new bearish zone.

Besides, we could notice a close below the $0.1850 support and the 100 hourly moving average.
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This is what opened the doors for more downsides below $0.1820. the price traded to a new weekly low at $0.1783 and is currently correcting higher.

Ripple also corrected above the $0.1820 level. XRP is bearish and needs to locate its support – the coin opened the doors for more downsides below $0.1820 and traded to a new weekly low at $0.1783 and is currently correcting higher.

It seems like there is a short term contracting triangle that is forming with resistance near $0.1840 on the hourly chart of the XRP/USD pair. As we can see, XRP is bearish and the first major resistance on the upside is near the $0.1850 zone (the recent breakdown support) while the next resistance is near the $0.1880 pivot level.

An intermediate resistance is near the 50% Fib retracement level of the recent drop from the $0.1949 swing high to the $0.1783 low. Besides, the crypto news show that there is also a connecting bearish trend line forming with resistance near $0.1915 on the same chart.

If the price corrects higher further above $0.1850, the bulls are very likely to face a strong selling interest near the $0.1880 and $0.1900 levels. Once this correction wave is over, the fact that XRP is bearish can stimulate the bears to get in the action and resume the slide from $0.1850. An initial support on the downside for Ripple’s token is now placed near $0.1800, while the main support zone is near the $0.1700 region in the near term.

• Hourly MACD – The MACD for XRP/USD is trying to move back into the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for Ripple’s token is currently flat and near the 40 level.
• Major Support Levels – $0.1800, $0.1780 and $0.1700.
• Major Resistance Levels – $0.1850, $0.1880 and $0.1910.