Ripple price declined further and broke the $0.3000 support zone. XRP is trading with a bearish angle and it could slide further below $0.2900 in the near term.
- Ripple price topped below the $0.3070 resistance and declined below the $0.3000 support.
- There was a break below a declining channel with support at $0.2965 on the 30-minute chart.
- XRP is under a lot of pressure and it may extend losses below $0.2900 and $0.2880.
Ripple Price Analysis
Yesterday, we discussed a strong downtrend in ripple price below the $0.3100 level. XRP remained below the $0.3100 and $0.3070 resistance levels, resulting in a downside extension below the $0.3000 support level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3058 and later declined below the $0.3020 and $0.3000 support levels. There was even a close below the key $0.3000 support and the 25 simple moving average (30-minute).
Moreover, there was a break below a declining channel with support at $0.2965 on the same chart, opening the doors for a drop to $0.2900. A new monthly low was formed at $0.2923 and the price is currently consolidating losses.
An initial resistance is near $0.2960 and the 23.6% Fib retracement level of the recent drop from the $0.3058 high to $0.2923 low. However, the main resistance is near the $0.3000 level and the 25 simple moving average (30-minute).
Besides, the 50% Fib retracement level of the recent drop from the $0.3058 high to $0.2923 low is near the $0.2990 level. Therefore, if the price corrects higher, the $0.2990 and $0.3000 levels are likely to prevent gains in the near term.
On the downside, an initial support is near the $0.2920 low, below which there is a risk of a break below the $0.2900 level. The next key supports are at $0.2880 and $0.2860. Overall, ripple price is clearly trading in a downtrend below $0.3000 and $0.3050, with bearish moves. Therefore, there could be more losses below $0.2920 and $0.2900.
The market data is provided by TradingView, Bitfinex.