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 (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles

"Ripple Price Holding $0.2800"

In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.

A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.

Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to - read more.

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