Ripple failed to stay above the $0.2500 pivot level and started a fresh decline against the US Dollar. XRP price is likely to continue lower towards $0.2380 or $0.2350.
- Ripple started a fresh decline after it struggled to clear the $0.2590-$0.2600 zone against the US dollar.
- The price is now trading below the $0.2500 support and the 100 hourly simple moving average.
- There was a break below a major contracting triangle with support at $0.2465 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue lower towards the $0.2380 support or even $0.2350.
Ripple Price is Showing Bearish Signs
After a strong upward move, ripple failed to stay above the $0.2550 resistance. XRP price topped near the $0.2590-$0.2600 resistance zone, and recently started a steady decline.
A high was formed near $0.2592 before the bears took control. There was a break below the $0.2550 and $0.2500 support levels. The price even spiked below $0.2420 and the 100 hourly simple moving average.
A low was formed near $0.2407 before there was a short-term upside correction. However, the price failed to gain strength above $0.2500 and resumed its decline. There was a break below a major contracting triangle with support at $0.2465 on the hourly chart of the XRP/USD pair.
<img alt="Ripple Price"