Ripple Trades Below $0.2260 Showing Strong Bearish Signs

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Ripple trades below $0.2260 and shows strong bearish signs. The price is currently declining from the key resistance level at $0.2320 against the US dollar so we are reading more about the price analysis in the Ripple news below.

The major bullish trend line yesterday was beached with support close to the $0.2280 on the hourly chats of the XRP/USD pair. Ripple traders under a minor bearish pressure and the price is still at risk of dropping towards the $0.2140 support area in the near term. In the past few days, there was a slight increase in the price above the $.2200 resistance against the US dollar, and the price traded above the $0.2250 and $2280 resistance levels. Further, there was also a break above the $0.2300 resistance and the 100 hourly simple moving average but the price struggled to gain strength above the key $0.2320 resistance area.

A new high was formed near the $0.2324 before the price started a fresh decrease below the $0.2300 but there was another break below the 23.6 percent Fib Retracement level from the upward movement of the $0.2098 low to $0.2324 high. More importantly, yesterday’s major bullish trend line was surpassed with support forming at $0.2280 on the hourly chart of the XRP/USD pair. The pair settled below the $0.2260 and the 100 hourly simple moving average.

Ripple trades below $0.2240 and is closing in on the 50% Fib retracement level from the previous upward move of $0.2098 to the $0.2324 high. It seems like the $0.2210 and $0.2200 levels are the perfect support for the currency. If the price doesn’t manage to stay above the $0.2200 support, it will continue to move down towards the $0.2140 level. The next support is near the 61.8 percent fib retracement level of the upward move from the previous $0.2093 to the $0.2324 high.

On the upside, the support was close to the $0.2240 which could act as a resistance. The first key resistance will be the $0.2260 so the price has to move above the $0.2240 and the $0.2260 to revisit the key $0.2320 resistance area in the near term. The price shows a few bearish signs as well as similar to Ethereum and Bitcoin. This means that if ETH drops below $144 and bitcoin breaks above $7,260, there are a few chances of a drop in Ripple’s XRP towards $0.2100.

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