XRP Trading Below a Major Multi-Month Support Levels
There has been a steady decline in the prices of bitcoin and most altcoins, in the past few weeks. Meanwhile XRP price settled below the key $0.220 support level area, and the 100 Simple Moving Average (4-hours). Therefore, it paved the way for more losses below $0.210. The price finally broke a major support area near the $0.200 level and a crucial multi-month support near $0.198.
XRP’s price declined massively and even dropped below the $0.180 level. A fresh two-year low was formed near $0.177 and it is currently correcting higher. There is an initial resistance for XRP near the $0.188 level.
Aside the 23.6% Fib retracement level of the recent downtrend from the $0.219 high to $0.177 low is near the $0.187 level. The price could recover towards the $0.198 resistance area, should there be an upside correction above $0.188.
The breakdown supports near the $0.198 and $0.200 levels will likely act as key hurdles. Furthermore, the 50% Fib retracement level of the recent decline from the $0.295 to $0.177 low is near the $0.198 level.
Notably, there is a key bearish trend line forming with resistance near $0.210 and the 4-hours chart of the XRP price. Therefore, should the price start to recover, it is likely to struggle near $0.200 and $0.210 levels.
A successful daily close above the $0.210 level is key to begin a strong recovery. If that fails to happen, there could be massive moves and drops in XRP price below the $0.180 level, in the next few weeks.
Other technical indicators also suggest that, the hourly MADC for XRP price is gaining momentum in the bearish zone. The hourly Relative Strength Index (RSI) for XRP price is also currently well into the oversold area.
Featured image courtesy of Shutterstock. Source: CryptoPress.