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Ripple (XRP) is vulnerable to a drop below $0.20

Written by  May 15, 2020

Ripple failed to stay above the $0.2050 resistance and declined recently against the US Dollar. XRP is showing bearish signs and it could decline further below $0.1980 and $0.1960.

Ripple Price Could Decline Further

Recently, bitcoin topped near the $9,950 level and declined sharply. It prompted a bearish reaction in ripple from the $0.2066 high. It seems like XRP price failed to stay above the $0.2050 resistance and started a fresh decline.

There was a break below the $0.2040 and $0.2020 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1848 low to $0.2066 high.

More importantly, there was a break below a key ascending channel with support near $0.2015 on the hourly chart of the XRP/USD pair. Ripple is now testing the $0.2030 support area and the 100 hourly simple moving average.

If there is a downside break below the 100 hourly SMA, the price could test the $0.1980 support. It is close to the 50% Fib retracement level of the upward move from the $0.1848 low to $0.2066 high.

If there are more downsides, the price could continue to move down towards the $0.1920 support. Any further losses could open the doors for a larger decline towards the $0.1840 support area in the near term.

Chances of an Upside Break in XRP

On the upside, an initial resistance is near the $0.2050 level. There is also a connecting bearish trend line with resistance near $0.2050 on the same chart.

The next key resistance is near the $0.2095 and $0.2100 levels. Any further gains could lead the price towards the $0.2220 zone in the coming sessions.

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Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.2000, $0.1960 and $0.1920.

Major Resistance Levels – $0.2050, $0.2100 and $0.2200.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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