Ripple (XRP) Is Plunging, But It’s Too Early to Say Bulls Have Given Up

Ripple is down more than 5% and it broke the $0.1550 support region against the US Dollar. However, XRP price is still trading nicely above the key $0.1450 and $0.1420 support levels.
Ripple price started a fresh decline from the $0.1620 resistance area against the US dollar.
The bears were able to push the price below the $0.1550 and $0.1500 support levels.
There is a key bearish trend line forming with resistance near $0.1540 on the hourly chart of the XRP/USD pair (data source from Kraken).


The price is likely to remain well bid above the $0.1450 and $0.1420 support levels in the near term.

Ripple Price is Holding Key Supports

 After retesting the $0.1450 support area, ripple failed to continue above the $0.1620 resistance.
 XRP price made a couple of attempts to surpass the $0.1620 barrier, but it failed.
As a result, there was a fresh decline below the $0.1550 support level.


The price even broke the $0.1500 support level and settled well below the 100 hourly simple moving average.
A low is formed near the $0.1446 and it seems like ripple price is well bid above the $0.1450 support. It is currently trading higher above the 23.6% Fib retracement level of the recent decline from the $0.1623 high to $0.1446 low.

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