Ripple price prediction XRP/USD bears unstoppable as the price slips under $0.2600 – Confluence Detector
|- XRP/USD bulls lose initiative was the price breaks below $0.2600.
- The coin may extend the downside correction to $0.2500.
Ripple’s XRP extended the decline and touched $0.2571 during early Asian hours, which is the lowest level since November 15. At the time of writing, XRP/USD is changing hands at $0.2594, down 1.5% since the beginning of the day. A sustainable move below $0.2600 support bodes ill for XRP's short-term forecast, making it vulnerable to further losses.
Read also: Ripple’s Xpring is just getting started: Develops new XRP mainstream adoption strategies
Ripple’s XRP confluence levels
Looking technically, XRP is hovering around pivotal $0.26, which is important for the short-term forecast. The longer, the coin hovers around this barrier, the worse is the technical picture. Currently, there are several important levels clustered both above and below the price; however, the way to the South seems to be the path of least resistance now.
Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$0.2660 - the upper line of 4-hour Bollinger Band
$0.2700 - the lowest level of the previous week
$0.2870 - 38.2% Fibo retracement monthly and weekly
Support levels
$0.2590 - the lower lines of Bollinger Bands on a daily chart, 1-hour chart, 4-hour chart and 15-min chart
$0.2510 - the lowest level of the previous year, Pivot Point 1-week Support 3
$0.2430 - the lowest level of the previous month, Pivot Point 1-week Support 2.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.