Ripple (XRP) Is Recovering But Here Is Why It Could Reverse To $0.165

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[NEWS BLOG]: Ripple (XRP) Is Recovering But Here Is Why It Could Reverse To $0.165

Ripple Price Facing Hurdles

Yesterday, we saw more losses in ripple below the $0.1850 level. XRP price traded to a new monthly low at $0.1812 and it is currently correcting higher.

There was a decent support base forming above the $0.1820 and $0.1840 levels. The price is now trading above the $0.1850 level, plus the 23.6% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low.

However, ripple price is now facing a strong resistance near the $0.1890 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low is also acting as a major hurdle for the bulls.

More importantly, there is a key connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair. The pair is likely to struggle near the $0.1890 and $0.1900 levels in the near term.


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Ripple Price Signaling More Upsides

Recently, there was a steady increase in bitcoin and Ethereum, which helped ripple in recovering above the $0.2250 resistance. XRP price followed a decent bullish past and surpassed the $0.2300 resistance.

Moreover, there was a close above the $0.2320 resistance and the 100 hourly simple moving average. A new weekly high is formed near $0.2359 and the price is currently correcting lower.

It traded below the 23.6% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high. An immediate support is near the $0.2310 level.

Besides, there is a major bullish trend line forming with support near $0.2305 on - read more.

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