XRP price failed to stay above the $0.25 pivot level and likely to continue lower towards $0.2380 or $0.2350
XRP price was unable to sustain above the $ 0.25 pivot level and started a new bearish wave. There is an opinion that XRP is likely to continue lower towards $ 0.238 or $ 0.235. While at press time, XRP is fluctuating weakly around $ 0.243, down slightly over the past 24 hours.
XRP/USD 4-hour chart | Source: TradingView
XRP price is now trading below the $ 0.2500 support and the 100 hourly simple moving average
After a strong up move, XRP failed to sustain above the $ 0.2550 resistance. XRP price topped off near the $ 0.259 – $ 0.26 resistance zone and has recently started to stabilize.
A high has been formed near $ 0.2592 before the bears take control. There has been a break below the support of $ 0.255 and $ 0.25. The price even spiked below $ 0.242, and the 100 hourly simple moving average
A low was formed near $ 0.2407 before a short-term upside correction. However, the price was unable to gain strength above $ 0.25 and continued to decline. There has been a break below a major contractual triangle with support at $ 0.2465 on the XRP / USD pair’s hourly chart.
XRP price drops above $ 0.25 | Source: TradingView.com
The price is currently testing the 61.8% Fib retracement level of the recent bullish correction from a low of $ 0.2407 to a high of $ 0.2512. It looks like the bears are targeting a further drop below the $ 0.2420 support.
The next important support is near $ 0.2380. It’s close to the 1,236 Fib extension of the recent upside correction from a low of $ 0.2407 to a high of $ 0.2512. Any further losses could send Ripple towards the support of $ 0.2350.
Initial resistance for Ripple is close to $ 0.2645 and the 100 hourly simple moving average. The first major resistance is near $ 0.2500.
A successful break above the 100-hour SMA and then a follow-up move above the $ 0.2500 resistance could open the doors for a new uptrend in the short term. The next major resistance level is near $ 0.2550.
You can see the Ripple price here.
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