XRP Price Declines Under $0.30

News / 17.02.2020

The price of XRP/USD pair fell from over $0.3200. The downside surge extended under $0.3000 and it may keep up the downtrend in the near term.

Within the three to four previous sessions, the pair encountered an increased bearish pressure under $0.3200. Hence, the price moved down under the supports at $0.3050 and $0.3000.

Further, it closed under the $0.3000 support and the 100 hourly SMA. It has fallen by over 10 percent and attained $0.2677. In recent times, the pair experienced a minor upside retracement over $0.2800.

Nevertheless, the pair is encountering several barriers on the upside close to $0.2940 and $0.2950.

A crucial observation on the hourly chart of XRP against the USD is the formation of two connecting declining trend lines with hurdle close $0.2950 and $0.3000.

Hence, the buyers need to secure momentum over above the barriers at $0.2950 and $0.3000 resistance to take the price into a positive area.

The failure to secure momentum over $0.2950 poses a risk of additional declines. The initial major support is close to $0.2800. The occurrence of a break under $0.2800 and $0.2780 could strengthen the sellers to focus a fresh weekly low under$0.2670.

The ability to secure momentum over the barriers at $0.2950and $0.3000 resistance levels might lead to a new upsurge.

The immediate major barrier is close to $0.3200 zone and the 100 hourly SMA, over which the price might retest the $0.3400 barrier zone.

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.