{"id":407698,"date":"2019-12-18T04:30:07","date_gmt":"2019-12-18T04:30:07","guid":{"rendered":"https:\/\/wncen.com\/?p=407698"},"modified":"2024-06-11T13:35:24","modified_gmt":"2024-06-11T13:35:24","slug":"why-ripple-xrp-bulls-need-to-be-careful-after-new-2-year-low","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-ripple-xrp-bulls-need-to-be-careful-after-new-2-year-low\/","title":{"rendered":"Why Ripple (XRP) Bulls Need To Be Careful After New 2-Year Low?"},"content":{"rendered":"
Ripple price is now trading below a major multi-month support against the US Dollar. Therefore, XRP bulls need to be careful, considering chances of more losses below $0.1800.<\/em><\/p>\n In the past few weeks, there was a steady decline in bitcoin<\/a>, Ethereum<\/a> and XRP against the US Dollar. Moreover, XRP price settled below the key $0.2200 pivot area and the 100 simple moving average (4-hours).<\/p>\n Therefore, it cleared the way for more losses below $0.2100. Finally, the price broke a major support area near the $0.2000 level and a crucial multi-month support near $0.1980.<\/p>\n The price declined heavily and even spiked below the $0.1800 level. A new 2-year low was formed near $0.1770 and the price is currently correcting higher. An initial resistance for ripple is near the $0.1880 level.<\/p>\n Besides, the 23.6% Fib retracement level of the recent decline from the $0.2195 high to $0.1770 low is near the $0.1870 level. If there is an upside correction above $0.1880, the price could recover towards the $0.1980 resistance area.<\/p>\n The breakdown supports near $0.1980 and $0.2000 are likely to act as key hurdles. Additionally, the 50% Fib retracement level of the recent decline from the $0.2195 high to $0.1770 low is near the $0.1982 level.<\/p>\n More importantly, there is a key bearish trend line forming with resistance near $0.2100 on the 4-hours chart of the XRP\/USD pair. Therefore, if the price starts a recovery, it is likely to struggle near $0.2000 and $0.2100.<\/p>\n A successful daily close above the $0.2100 level is needed to start a strong recovery. If not, the bulls need to be very careful in the next few weeks, as there could be massive moves and drops in ripple below the $0.1800 level.<\/p>\nRipple Price Analysis<\/h2>\n