- 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.
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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.
$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
$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.