XRP Price is declining and it Could Move Beneath $0.24

News / 26.02.2020

The XRP/USD pair began a powerful fall following a surge below the $0.2600 support zone. The price of the pair is now on the downside by 10 percent and there could be an extension under $0.2400.

The sellers took over following the attainment of a price level under $0.2700. This led to the beginning of a remarkable loss in the price and it moved under several supports close to $0.2600 to visit a bearish area.

Further, the price broke the support at $0.2500 as well as the 100 hourly SMA. While it was declining, the price was able to break under a key bearish channel with support close to $0.2470, as observed on the pair’s hourly chart.

The pair moved under the support at $0.2400, thereby forming a fresh weekly low close to $0.2345. At the moment, the price is retracing to the upside.

The first barrier is close to the broken channel support as well as $0.2460. Hence, the buyers should take the price over $0.2465 and $0.2500 for a new modest recovery. The immediate major barrier is close to $0.2700 and the 100 hourly SMA.

The failure of the pair to retrace over barriers at $0.2450 and $0.2465 could lead to more downsides. The first support is close to $0.2380 and $0.2365.

If the price breaks and closes under $0.2345 swing low, there could be accelerated fall. If such happens, the price could fall heavily and move towards the support at $0.2200 in the near term.

Featured image courtesy of Shutterstock. Source: Cryptopress

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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.