- Ripple price recovered recently, but it failed to break the $0.2600 resistance area against the US dollar.
- The price is currently moving lower and remains at a risk of more downsides below $0.2500.
- Yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The current technical structure suggests more downsides as long as the price is below $0.2620.
Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could trade to a new monthly low if it continues to struggle below $0.2600.
Ripple Price Analysis
Yesterday, there was a sharp decline in ripple below the $0.2600 and $0.2580 supports against the US Dollar. The bears took control and pushed the price below the $0.2500 support level. Moreover, the price settled below the 100 hourly simple moving average and traded to a new monthly low at $0.2460. Recently, there was an upside correction above the $0.2500 and $0.2520 levels.