Ripple (XRP) Is Primed To Correct Higher Despite Recent Sell-off

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[NEWS BLOG]: Ripple (XRP) Is Primed To Correct Higher Despite Recent Sell-off

Ripple remained in a major downtrend from well above the $0.2650 level against the US Dollar. XRP price tested the $0.2240 support area and it could correct higher in the short term.

  • Ripple price is down close to 6% and it broke the $0.2350 support area against the US dollar.
  • The price tested the $0.2240 support area and it is currently consolidating losses.
  • There is a contracting triangle forming with resistance near $0.2300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price must climb above the $0.2300 level to start a recovery towards the $0.2450 level.

 

Ripple Price Could Correct Higher

Recently, we saw a strong decline in ripple from well above the $0.2650 level. XRP price broke many supports near $0.2500 and $0.2450 levels to enter a short term downtrend.

Moreover, there was a break below the $0.2350 support level and the price settled well below the 100 hourly simple moving average. The decline was such that the price traded below the $0.2280 level.

Finally, it found support near the $0.2240 level and it is currently consolidating losses. A weekly low is formed near $0.2232 and the price is testing the 23.6% Fib retracement level of the recent slide from the $0.2452 high to $0.2232 low.

More importantly, there is a contracting triangle forming with resistance near $0.2300 on the hourly chart of the XRP/USD pair. Therefore, a clear break above the triangle resistance could open the doors for a decent recovery in ripple towards the $0.2400 and $0.2450 levels.


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OTHER RELATED NEWS

Ripple (XRP) Price Down 2%, Bears Sight $0.2000 Or Even Lower

  • Ripple price is sliding and it is under pressure below the $0.2200 resistance against the US dollar.
  • The price is now trading below $0.2150 and it could decline further below $0.2100.
  • There is a crucial bearish trend line forming with resistance near $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There are high chances of a drop towards the $0.2020 and $0.2000 support levels.

Ripple price is declining steadily below key supports against the US Dollar and bitcoin. XRP price could continue to move down and the bears might target $0.2000.

Ripple Price Analysis

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