XRP Tumbled 25% On SEC News But 100-Day SMA Holds The Key

XRP tumbled 25% on the SEC news and dropped below $0.4 support levels against the US dollar. Although it is gaining momentum, approaching the 100-day simple moving average is the key. In today’s Ripple XRP price, we take a closer look at the price analysis.

Ripple started a strong decline from above $0.500 against the US dollar after the SEC lawsuit. XRP tumbled as the price is now trading below $0.40 and approaches the 100-day simple moving average. There was also a break below the major declining channel with the support near $0.40 on the daily charts of the pair with it likely to find strong buying interest near the $0.3250 level.

After the SEC threat, Ripple’s XRP started a stronger decline from well above the $0.5 level which means the price is down by over 25% and broke a few support levels like the $0.45 and the $0.40. the price settled below these levels and entered the bearish zone with a break below the 50% fib retracement level of the upward move from the $0.2270 swing low to $0.7853 high. There was also a break below the major declining channel with the support near $0.40 on the 24-hour chart of the pair.

XRP’s price is now trading well below the $0.38 level and approaches the $0.34 support zone with the 100-day simple moving average. The 76.4% fib retracement level from the main upward move at $0.227 swing low to $0.78 high is also near the $0.3580 level with the major support nearing the $0.3250 level followed by $0.30. the close below this level could lead the market into the $0.2650 and the $0.2500 support level in the upcoming days. If ripple starts a recovery wave, it could face multiple hurdles starting with the channel trend line at $0.3850. The first major resistance for the bulls is also near the $0.400 level.

The main resistance is now forming close to the $0.4450 level with a close above $0.400 and the $0.4500 levels that could put the price in the bearish zone. the daily MACD for the pair is gaining momentum in the bearish zone while the RSI for the pair is well below the 50 level.