- The price of XRP fell nearly 10% and even traded near support of $ 0.2000 against the US dollar.
- The price is currently correcting upward, but it should be difficult to approach the $ 0.2180 and $ 0.2250.
- There is a downtrend line forming with resistance close to $ 0.2250 on the hourly chart of the XRP / USD pair (Kraken data).
- The price is likely to fall again if it fails to recover above the resistance of $ 0.2250.
XRP price analysis
In recent times, there has been a considerable drop in XRP below the support levels of $ 0.2350 and $ 0.2250 against the US dollar. The XRP / USD fell more than 10% and recently tested the main support level at $ 0.2000.
A particularly low level was reached with almost $ 0.2003 and the price settled well below the moving average simple over 100 hours. He is currently correcting resistance levels above $ 0.2050 and $ 0.2080.
A bearish trend is formed with a resistance close to $ 0.2250 on the hourly graph of the XRP / USD pair.
Read also: Let’s talk about the psychology of crypto-financial markets
Above resistance, the price of XRP may well attempt a recovery. The next key resistance is near the $ 0.2350 level and the 100-hour simple moving average.
Therefore, the price must settle above the resistance of $ 0.2350 and the simple moving average of 100 hours to move into a positive zone. Conversely, the price may have difficulty climbing above $ 0.2250 and may fall again.
Initial downside support is close to $ 0.2050. The main support is close to $ 0.2000, below which there is a downside risk towards the support area $ 0.1950.
If we look at the graph, the XRP course is currently correcting upwards. However, it is approaching some significant resistance near the levels of $ 0.2180 and $ 0.2250, where sellers are likely to reappear.
- MACD Hourly (Moving Average Convergence Divergence) – The MACD for the XRP / USD pair is still strongly placed in the bearish area.
- RSI Hourly (Relative Strength Index) – The RSI for the XRP / USD pair is currently very close to oversold levels.
- main support levels – $ 0.2050, $ 0.2020 and $ 0.2000.
- main resistance levels – $ 0.2150, $ 0.2180 and $ 0.2250
The price of XRP has never been lower. This is the best opportunity in two years to buy, so don’t hesitate!