Ripple is currently correcting higher from the $0.1780 support zone against the US Dollar. However, XRP price is likely to face another rejection near $0.1880 or $0.1900.
- Ripple price is trading in a negative zone below the $0.1880 resistance level against the US dollar.
- The bulls are likely to face a strong selling interest near $0.1880 and $0.1900.
- There is a major bearish trend line forming with resistance near $0.1885 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to resume its decline as long as it is below $0.1900.
Ripple Price Could Dive Further
After a close below the $0.1900 pivot level, ripple extended its decline. XRP price broke the key $0.1880 support zone to move further into a bearish zone. The bears were able to push the price below the $0.1850 level and the 100 hourly simple moving average. A new weekly low is formed near the $0.1783 and the price is currently recovering higher.On the upside, the previous supports near $0.1850 and $0.1865 are currently acting as hurdles for the bulls. The 50% Fib retracement level of the downward move from the $0.1950 high to $0.1780 swing low is also near the $0.1866 to stop the current wave.
More importantly, there is a major bearish trend line forming with resistance near $0.1885 on the hourly of the XRP/USD pair. The 100 hourly simple moving average is also positioned near the $0.1900 zone to prevent gains.A successful close above the $0.1880 resistance and then a follow up move above the $0.1900 level is needed for upside continuation in the near term.