Ripple declined heavily along with bitcoin and ethereum against the US Dollar. XRP price even broke the $0.2500 support zone and it is currently correcting losses.
- Ripple is down over 10%, and it broke the $0.2620 and $0.2550 levels against the US dollar.
- The price traded to a new weekly low at $0.2372 and it is now well below the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct a few points, but it is likely to face hurdles near $0.2550 and $0.2560.
Ripple Price Tumbles Below $0.2500
The recent decline in Ethereum and bitcoin dragged ripple lower below the $0.2650 support. XRP extended its decline below the $0.2550 support zone and settled well below the 100 hourly simple moving average.
The bears even pushed the price below the $0.2500 support zone.