XRP breaks below the daily 55 EMA and 0.20 psychological zone

  • Ripple has another tough session falling over 2% breaking support zones.
  • The price could now be heading to the support at 0.1760.

XRP/USD daily chart

The correction could be over now as Ripple looks like its breaking down once again. The price has made the lower high but is yet to break the previous wave low at 0.1750. If the aforementioned level breaks the bulls could be in all sorts of trouble as even the volume looks like it’s supporting the sell-side. 

Looking closer at the technical levels, the black resistance zone firmly held strong as the price tried desperately to close above it. Now it seems the level that confluences with the 50% Fibonacci retracement is the nemesis for the bulls. 

Once the price dropped below the 55 exponential moving average it came back to retest it and use it as a resistance zone for another move lower. The target for the bears might be the red support level at 0.1750 as it has also been used a few times for good effect. 

Additional levels