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Do or Die for Ripple (XRP) Bulls: Here’s What Could Trigger A Sharp Decline
Ripple price failed to stay above the $0.2840 support and extended its decline. XRP broke the $0.2800 support level and the 100 hourly simple moving average to move further into a bearish zone.
It traded to a new weekly low at $0.2710 and recently started an upside correction. However, the upward move was capped by the $0.2800 level (support turned resistance). A high is formed near $0.2810 and the price is currently declining.
There was a break below the $0.2780 and $0.2760 levels. Ripple is now trading near the 61.8% Fib retracement level of the recent recovery from the $0.2710 low to $0.2810 high.
It seems like there is a significant bearish trend line forming with resistance near $0.2765 on the hourly chart of the XRP/USD pair. To move into a positive zone, the price must break the trend line resistance at $0.2765.
The main hurdle is still near $0.2800 and the 100 hourly SMA, above which the price could start a sustained upward move. The next resistance might be $0.2880 and $0.2900, followed by the key $0.2920 pivot level.