While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
Over the last few weeks, Bitcoin’s price and most of the Altcoins have continued to fall. Meanwhile, XRP has priced below the primary support levels of $ 0.220 and the 100 Simple Moving Average (4 hours). Hence, it paved the way for further losses below $ 0.210. The price finally sampled the core maintenance area near the $ 0.200 level and the crucial multi-month maintenance near the $ 0.198 level.
XRP price fell significantly, even falling below the $ 0.180 level. A new two-year low formed near $ 0.177 and is currently adjusting higher. There is initial resistance to XRP near the $ 0.188 level.
XRP Price Predictions
Aside from the 23.6% Fib retracement level, the recent downtrend from $ 0.219 to $ 0.177 is approaching the $ 0.187 level. The price may return to the $ 0.198 resistance zone if an upward correction above $ 0.188.
Support for a break near the $ 0.198 and $ 0.200 levels should act as significant resistance. Moreover, the 50% Fib correction level of its recent decline from $ 0.295 to $ 0.177 is the lowest near the $ 0.198 level.
It should be noted that there is a significant downtrend line formed with a continuation of almost $ 0.210 and a 4-hour XRP price chart. If the price starts to recover, it is likely to struggle closer to the $ 0.200 and $ 0.210 level.
A successful daily close above the $ 0.210 level is the key to a strong rebound. If not, there may be ups and downs in the XRP price below the $ 0.180 level in the next few weeks.
Other indicators further show that the hourly MADC for XRP price increases momentum in the bearish zone. The Hourly Relative Strength Index (RSI) for the current XRP price is also high in the resale area.