Ripple failed to stay above the $0.2740 support and extended its decline against the US Dollar. XRP price is currently testing the key $0.2650 support and it could correct higher
- Ripple price is down 3% and it traded below the $0.2740 support against the US dollar.
- The bulls are currently protecting the $0.2650 support area.
- There is a short term ascending channel forming with resistance near $0.2720 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could correct higher in the short term towards $0.2710 or $0.2740.
Ripple Price Testing Key Support
After ripple failed to clear the $0.2850 resistance, it started a fresh decline. XRP price traded below many supports, including $0.2800, $0.2740, and the 100 hourly simple moving average.
During the decline, there was a break below a key bullish trend line at $0.2765 and a bearish continuation pattern with support near $0.2720 on the hourly of the XRP/USD pair.On the upside, there are a few key hurdles waiting near the $0.2710 level. The next key resistance on the upside is near the $0.2740 level (the previous support) and the 100 hourly simple moving average.
Besides, the 50% Fib retracement level of the recent decline from the $0.2852 high to $0.2638 low is also near the $0.2745 level to act as a resistance.