XRP is at Risk of a New Decline

News / 23.01.2020

XRP/USD pair was unable to surge past the barrier at $0.2400. The price is moving to the downside at the moment, and it appears at risk of falling under $0.2300 and $0.2240.

In recent times, the price recovered decently over barriers at $0.2320 and $0.2350. It was able to surge over the barrier $0.2400 resistance and the 100 hourly SMA.

Nevertheless, the price could not secure momentum and topped close to $0.2420 zone. It was able to form a high close to $0.2415 and began a downward move. It surged past $0.2380 and $0.2350.

Moreover, XRP is currently trading beneath $0.2320 and the 100 hourly simple moving average. The next support is close to $0.2300. The price may visit the major support zone at $0.2240 if it breaks through the downside.

A look at the upside on the hourly chart of XRP against the USD shows that the buyers are encountering several resistances close to $0.2380 and $0.2400. A critical observation on the chart shows that the price is following a major declining trend line with a barrier close to $0.2350.

Hence, the price needs to close over the barrier zone at $0.2400 to begin a powerful rise. The immediate major resistances are observed close to $0.2500 and $0.2550.

The price may fall heavily if it keeps struggling close to $0.2380 and $0.2400. The major support is close to $0.2240, and a move beneath it could lead to $0.2200.

If the price declines, it may keep declining beneath $0.2150 and could visit the $0.2120 support zone in the near term.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.