EagleFX

Ripple price failed to continue higher and recently declined below $0.3220. XRP/USD is approaching a major support near $0.3145, below which it could accelerate lower.

  • Ripple price topped near the $0.3321 level and recently started a fresh decline.
  • There is a major bearish trend line forming with resistance near $0.3210 on the 30-minute chart.
  • XRP/USD could extend the current decline if there is a break below $0.3145.

Ripple Price

Ripple Price Analysis (XRP to USD)

In the past three sessions, there was a minor increase in selling pressure on bitcoin, ripple, and Ethereum. XRP/USD failed to continue higher, topped near the $0.3320 level, and recently started a fresh decrease.

Ripple Price Analysis (XRP to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded below the $0.3300 and $0.3255 support levels to move into a short term bearish zone. Moreover, there was a break below the $0.3200 support and the 25 simple moving average (30-minute chart).

The price traded as low as $0.3144 and it is currently consolidating above $0.3150. It recovered above the 23.6% Fib retracement level of the recent slide from the $0.3321 high to $0.3144 low.

However, the price is facing a strong resistance near the $0.3200 and $0.3210 levels. Moreover, there is a major bearish trend line forming with resistance near $0.3210 on the same chart.


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The 50% Fib retracement level of the recent slide from the $0.3321 high to $0.3144 low is also near the $0.3235 level. Therefore, ripple price could struggle to surpass the $0.3210 and $0.3235 levels.

If there is a successful close above the $0.3235 resistance, XRP price might start a fresh increase towards the $0.3400 and $0.3500 resistance levels. An intermediate resistance is near the $0.3320 swing high.

Conversely, if ripple price fails to break the trend line and the $0.3235 resistance, there could be a downside extension. An initial support is near the $0.3145 level, below which the price could test $0.3120 in the short term. Any further losses may perhaps push XRP/USD towards the key $0.3020 support area.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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