Ripple (XRP) Just Rejected $0.24, And It’s Vulnerable To A Fresh Decline

Ripple failed to surpass the $0.2400 resistance area against the US Dollar, similar to bitcoin near $8,800.
 XRP price is currently declining and it seems vulnerable to a drop below $0.2300 and $0.2240.
Ripple price is clearly struggling to gain strength above $0.2400 and $0.2420 against the US dollar.
The price is facing an increase in selling pressure below the $0.2340 level.
This week’s followed key bearish trend line is protecting upsides with resistance near $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could decline sharply if there is a downside break below $0.2300 and $0.2240.



Ripple Price Facing Hurdles
Recently, there was a decent recovery in ripple above the $0.2320 and $0.2350 resistance levels against the US Dollar.
 XRP price even spiked above the $0.2400 resistance and the 100 hourly simple moving average.
However, the price failed to gain strength and topped near the $0.2420 area. A high was formed near $0.2415 and the price started a downward move.
 It broke the $0.2380 and $0.2350 levels.Furthermore, there was a break below the 50% Fib retracement level of the upward move from the $0.2236 low to $0.2415 high.


 Ripple is now trading below the $0.2320 level and the 100 hourly SMA.An immediate support is near the $0.2300 level.
 It coincides with the 61.8% Fib retracement level of the upward move from the $0.2236 low to $0.2415 high.
 If there is a downside break, the price could test the key $0.2240 support area.

Read the full topic at
https://www.newsbtc.com/2020/01/23/ripple-xrp-rejection-vulnerable-to-decline/

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