- Ripple triggers more declines on breaking below the ascending trendline support.
- The support at $0.22 is crucial for XRP and must be defended by all means.
Ripple’s recovery from the recent slump to $0.2029 has been slow but steady. However, due to the acute selling pressure at $0.2350, a retracement is currently underway. The price has corrected below the 50 SMA, the 100 SMA on the 1-hour chart and the 50% Fib retracement level as shown in the chart below.
Fortunately, the 38.2% Fib retracement level taken from the last drop to $0.2029 from $0.2471 has come out as a credible support area. The price is doddering at $0.2210 in the midst of expanding volatility.
The narrowing gap between the 50 SMA and the 100 SMA suggests that selling pressure is on the rise. Besides, the Relative Strength Index suggests the downtrend could in the coming sessions on Monday. The best that the bulls can do is to keep the price above $0.22 to avoid declines towards $0.20.