Ripple started a massive drop below the $ 0.4200 and $ 0.4000 support levels against the US Dollar. XRP price is gaining momentum but is approaching the 100-day simple moving average and $ 0.3200.

 

Ripple started a strong decline well above $ 0.5000 against the US dollar after the SEC’s threat.

The price is currently trading well below $ 0.4000 and is approaching the 100-day simple moving average.

There was a break below a major bearish channel with support near $ 0.4000 on the daily chart of the XRP / USD pair.

The pair could find strong buying interest near the $ 0.3250 and $ 0.3150 levels.

Ripple’s XRP dropped 25%

After the SEC’s threat, Ripple’s XRP price started a strong decline well above the $ 0.5000 level. The price dropped over 25% and broke many supports such as $ 0.4500 and $ 0.4000.

The price even dropped below $ 0.4000 to move into the bearish zone. Moreover, there was a break below a major bearish channel with support near $ 0.4000 on the daily chart of the XRP / USD pair.

XRP price is currently trading well below the $ 0.3800 level. It is now approaching the $ 0.3400 support zone and the 100-day simple moving average.

The next major support is near the $ 0.3250 level, followed by $ 0.3000.

A close below the $ 0.3000 support zone could easily drag the market to the $ 0.2650 and $ 0.2500 support levels in the coming days.

See Also
December 31 Ripple price analysis

If Ripple starts a recovery wave, it could face many hurdles starting from the $ 0.3850 broken channel trend line. The first major resistance for the bulls is near the $ 0.4000 level.

The main resistance is currently forming near the $ 0.4450 level. A closing above the $ 0.4000 and $ 0.4500 levels could pull the price out of the bearish zone. Otherwise, it is likely to pull losses below $ 0.3500

Technical indicators

  • Daily MACD – The MACD for XRP / USD is gaining momentum in the bearish zone.
  • Daily RSI (Relative Strength Index) – The RSI for XRP / USD is currently well below the 50 level.
  • Support Levels – $ 0.3250, $ 0.3000 and $ 0.2500.
  • Resistance Levels – $ 0.3850, $ 0.4000 and $ 0.4500.

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