XRP is Prone to Plunge Soon
The XRP/USD pair failed to rise above the barrier at $0.2400. The pair’s price is dropping at the moment, and it appears at risk of falling below $0.2300 and $0.2240.
Currently, the price rose over the barriers at $0.2320 and $0.2350. However, the price could not secure a momentum and topped close to the $0.2420 zone. It did not form a high close to $0.2415 and started inclining. The XRP/USD pair surged past $0.2380 and $0.2350.
At the moment, XRP is trading below $0.2320 and the 100 hourly simple moving average. The next stop is close to $0.2300, and the price may settle at the major support zone at $0.2240 if it declines.
A Look at the XRP/USD Hourly Chart
The XRP/USD hourly chart reveals that the buyers face several resistances close to $0.2380 and $0.2400. A key observation shows that the price follows a significant declining trend line with a barrier close to $0.2350.
In this case, the price needs to surge over $0.2400 to commence a powerful incline. The immediate major resistances are close to $0.2500 and $0.2550. On the other hand, the price may fall if it keeps struggling close to $0.2380 and $0.2400.
The major support is close to $0.2240, and a slight fall may lead to $0.2200. If the price plunges, it may keep dropping beneath $0.2150 and could settle at the $0.2120 support zone in the near term.
by Olowoporoku Adeniyi
by Olowoporoku Adeniyi
by Mandy Williams