XRP Price is declining and it Could Move Beneath $0.24
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