XRP price is likely to accelerate lower towards $0.22 if it breaks the $0.228 support

XRP price failed to clear the $0.245 resistance and declined sharply against the US Dollar. XRP price is now trading below the $0.238 support and remains at a risk of a drop to $0.22. XRP is down more than 4% and it failed to clear the main $0.245 resistance against the US dollar. The price is now trading well below $0.238 and the 100 simple moving average (4-hours).

Yesterday’s followed important bearish trend line is active with resistance near $0.2445 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely to accelerate lower towards $0.22 if it breaks the $0.228 support.

XRP price resumes decline

In the past two sessions, there was an increase in selling in Bitcoin, Ethereum, and Ripple. XRP price failed to clear the main $0.245 resistance area (as discussed yesterday) and started a fresh decline.

There was a sharp decline below the $0.24 and the 100 simple moving average (4-hours). There was also a break below the 50% Fib retracement level of the key upward move from the $0.2195 swing low to $0.255 swing high.

The decline was such that the bears pushed the price below the key $0.238 support. More importantly, yesterday’s followed important bearish trend line is active with resistance near $0.2445 on the 4-hours chart of the XRP/USD pair.

xrp-price-is-likely-to-accelerate-lower-towards-0-22

XRP price dives below $0.238 | Source: TradingView

The pair is now testing the $0.23 zone, plus the 61.8% Fib retracement level of the key upward move from the $0.2195 swing low to $0.255 swing high. If there is a downside break below the $0.23 and $0.228 support levels, it could open the doors for a sharp dip towards the next major support near the $0.22. Any further losses could lead XRP towards the $0.215.

If XRP finds support near $0.23 or $0.228, there are chances of a short-term upside correction. On the upside, the price is likely to face a strong resistance near $0.2400 and the 100 simple moving average (4-hours).

The main resistance is still near the trend line and $0.245, above which the bulls are likely to gain strength in the coming days.

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