Ripple is down 5% and it broke the key $0.2300 support zone against the US Dollar. XRP price tested the next major support at $0.2200 and it is currently struggling to recover higher.
- Ripple remained in a bearish zone and broke the key $0.2300 support against the US dollar.
- The price is testing the $0.2200 support trading well below the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $0.2315 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could nosedive below the key $0.2200 support if it struggles to recover above $0.2320.
Ripple Price Testing Key Support
Yesterday, we discussed the chances of a sharp decline in ripple below $0.2300. XRP price failed to recover above the $0.2400 resistance and started a fresh decline below the key $0.2300 support level.
It declined 5% and traded below the $0.2250 support. It even spiked below $0.2200 and settled well below the 100 hourly simple moving average. A new weekly low is formed near the $0.2195 level and the price is now consolidating losses.
It is testing the 23.6% Fib retracement level of the recent decline from the $0.2351 high to $0.2195 low. On the upside, an initial resistance for the bulls is near the $0.2280 level.