XRP Price Is Weakly Holding Onto $0.15: Could It Recover?

The Ripple XRP price is weakly holding onto the $0.15 levels after it dropped by 50% yesterday and even visited the $0.12 region, correcting higher afterwards. The swing low at $0.1174 was a pain in the eyes of many traders who expected the Ripple news to bring something positive but were shocked to see the coin go to the lowest point since 2018.

The past three sessions were painful for the XRP altcoin. Ripple’s token saw a monstrous decline from well above $0.2000. In that way, the XRP price is weakly holding and broke many key supports near $0.1800 and $0.1650 to enter a medium downtrend.

The decline was such that the price broke the $0.1500 support and settled well below the 100 simple moving average (4 hours). Finally, it tested the key $0.1200 support area and got to a new multi-month low which was formed near the $0.1174 level. Currently, the XRP price is weakly holding above $0.15 and correcting higher. It is trading above the 23.6% Fib retracement level form the $0.2160 high to the $0.1174 low.

On the upside, we can also see an initial resistance near the $0.1650 level. The 50% Fib retracement level of the recent decline from the The 50% Fib retracement level of the recent decline from the $0..
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2160 high to the $0.1174 low is also near the $0.1667 level to act as a major hurdle for the bulls.

More important is the major bearish trend line and the fact that the XRP price is weakly testing the bulls. Resistance is now seen near $0.1900 on the 4-hours chart of the XRP/USD pair. Therefore, the pair must recover above the $0.1650 and $0.1900 in order to see new gains and move into a positive zone.

Clearly, the $0.1200 support is also very important. XRP is showing a few positive signs above $0.1400 but the $0.1650 resistance zone could be a key barrier for the bulls now. Speaking of which, if the bulls fail to overcome this hurdle, the price may perhaps resume its decline. The first support on the downside is near the $0.1320 level and the main support is near the $0.1200 level, below which the price could test the $0.1000 level as the lowest scenario.

The technical indicators in the Ripple altcoin news are as following:

• 4-Hours MACD – The MACD for XRP/USD is preparing to move back into the bullish zone.
• 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is right now aiming high towards the 40 level.
• Major Support Levels – $0.1320, $0.1200 and $0.1100.