Ripple price has continued over Sep 22 its downtrend against the USD and Bitcoin’s market. It is much likely in the near term the descending will extend and hitting below $0.1700 could take place.
Ripple Breaking Lower – XRP/USD
Since almost making it above the $0.1900 mark, Ripple price did meet selling pressure resulting with a slow declining movement. It was predicted that the pair would be hitting below $0.1700 while it did deep-dive lower than the $0.1750 and a spiking break of the 50% Fib retracement mark since the recovery flow $0.1500 to $0.1970.
A bearish trend is taking over as the pair XRP/USD is quite below positioned than the 100 hourly SMA. The $0.1677 level will be acting as a support which is positioned at the 61.8% Fib Ret level of the above mentioned wave. Very important double bearish trends are forming: one in the longer term at $0.1800 and the other on the hourly chart of XRP against the US Dollar close to $0.1880.
So, in conclusion for the near term – many more hurdles will be found to move upward aiming the $0.1900 level making recovery and price return very difficult. Because of the support, a retest of $0.1650 could take place for the moment.
- Support Level – $0.1700
- Resistance Level – $0.1850