Ripple failed to extend gains above $0.2580 and declined sharply against the US Dollar. XRP price is likely to decline heavily if it breaks the key $0.2300 support zone.
- Ripple is now trading well below the $0.2400 and $0.2380 support levels against the US dollar.
- The price is facing many hurdles and it is now well below the 100 simple moving average (4-hours).
- There was a break below a crucial bullish trend line with support near $0.2440 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to decline sharply if there is a close below $0.2300 and $0.2280.
Ripple Price is Testing Important Support
This week, we saw a fresh decline in bitcoin, Ethereum, and ripple. XRP price failed to stay above the $0.2500 and $0.2450 support levels, and moved into a bearish zone.
There was a sharp decline after there was a close below the $0.2440 support and 100 simple moving average (4-hours). More importantly, there was a break below a crucial bullish trend line with support near $0.2440 on the 4-hours chart of the XRP/USD pair.
The pair even traded below the $0.2320 support and traded as low as $0.2293. It is currently consolidating losses above a significant support zone near $0.2290-$0.2300.
<img alt=”Ripple (XRP)” class=”alignnone size-full wp-image-439402″ height=”868″ loading=”lazy”