Ripple (XRP) Price Approaching Key Supports: Can Bulls Regain Strength?

Ripple price started a downside correction after rallying towards $0.4630 against the US dollar.
 The price declined sharply and broke the $0.4400 and $0.4300 support levels.
 This week’s followed bullish trend line was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).
 The pair is currently holding the $0.4200 support level and is trading near a key resistance area. Ripple price is currently struggling to hold gains against the US Dollar and bitcoin.
 XRP is likely to climb higher again as long as the $0.4200 support area is intact in the near term. Ripple Price Analysis Yesterday, we saw a sharp rise in ripple price above the $0.4400 resistance against the US Dollar.




 The XRP/USD pair even broke the $0.4500 resistance and rallied above $0.4600.
 Finally, a new weekly high was formed near $0.4631 and the price recently started a downside correction.
 There was a break below the $0.4500 and $0.4400 support levels.
 Moreover, the price traded below the $0.4300 level and the 100 hourly simple moving average.
 The price tested the $0.4200 support level and formed a low at $0.4171.
 It is currently correcting higher above the $0.4250 level. Moreover, it is testing the 23.6% Fib retracement level of the recent decline from the $0.4631 high to $0.4171 low.




 Besides, there is a connecting bearish trend line forming with resistance at $0.4300 on the hourly chart of the XRP/USD pair.
 If the pair surpassed the trend line and $0.4300, there could be a fresh increase.
 The next key resistance is near the $0.4400 level. Furthermore, the 50% Fib retracement level of the recent decline from the $0.4631 high to $0.4171 low is also near $0.4400.
 Conversely, if the price fails to climb above $0.4300, it could decline once again.
 An immediate support is near the $0.4200 level, below which the price could test the $0.4100 support.
 The main support is near the $0.4000 level, below which the price is likely to move back in a bearish zone.



Looking at the chart, ripple price is clearly struggling to hold gains above $0.4200.
 It must climb above $0.4300 and $0.4320 to avoid any further losses.
 To start a fresh rally, the price must surpass the $0.4400 barrier.
 On the other hand, if the price fails to stay above $0.4200 or $0.4100, there are chances of an extended decline.


Read the full topic at
https://www.newsbtc.com/2019/06/19/ripple-xrp-price-approaching-key-supports-can-bulls-regain-strength/
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