XRP Is on A Downtrend Threatening to Break Below $0.24

News / 26.02.2020

The XRP/USD Pair has been noticing some severe falls even below the $0.26 support zone. This price is currently dropping at a 10% rate, and it could lead to an extension below $0.24.

Following the drop of price to below $0.27, sellers took over. That led to the start of a massive price drop, even hitting close to the $0.26 near the bearish area. 

The price further broke the supports at the $0.25 value and the 100 hourly SMA. As this price was declining, it broke the barriers and dropped to the support close at 0.2470, as noted in the hourly chart. 

The pair later moved under the support at 0.24, and even hitting a further weekly low at 0.2445. However, currently, the price is slightly rising. 

The first barrier is close to $0.2460, as well as the broken channel support. Buyers should, therefore, try to fight for the price increase by taking the higher 0.2465 and 0.25 prices. Such a price hike would ultimately lead to the immediate, significant barrier at $0.27 in the 100 hourly SMA.

If this pair fails to retrace over the barriers of 0.2450 and $0.2465, it could drop even deeper. The first support on the lower side is near $0.2380 and $0.2365.

If these prices fell to the below 0.2345 low, the speed of fall would accelerate real fast. If the events unfold like that, the price could drop quickly and move close to the  $0.22 support level.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.