Ripple price failed to surpass the $0.3700 resistance area against the US dollar. XRP is currently testing a crucial support near $0.3500, below which there could be a corrective decrease.
- Bulls struggled to clear the $0.3680 and $0.3700 resistance levels.
- There was a break below a key bullish trend line with support near $0.3630 on the 30-minute chart.
- XRP price could extend the current downside correction if it settled below the $0.3500 support.
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Ripple Price Analysis
In the past two sessions, there was a fresh downside correction triggered in bitcoin, Ethereum, bitcoin cash, litecoin, cardano, stellar and ripple. XRP price failed to clear the $0.3680 and $0.3700 resistance levels, resulting in a bearish reaction towards the $0.3500 support.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair made another attempt to surpass the $0.3700 and $0.3710 resistance levels. The price tested the $0.3745 level, but it failed to hold gains. Finally, there was a fresh decline below the $0.3680 and $0.3635 support levels.
During the decline, there was a break below a key bullish trend line with support near $0.3630 on the same chart. Besides, there was a close below the $0.3635 support and the 25 simple moving average (30-minute chart).
A swing low was formed at $0.3499 and recently the price corrected above the 23.6% Fib retracement level of the latest downside from the $0.3744 high to $0.3499 low. However, the previous support area near the $0.3635 and $0.3640 levels acted as a resistance.
Moreover, the 50% Fib retracement level of the latest downside from the $0.3744 high to $0.3499 low also capped the rebound. The price is currently moving lower and trading near the key $0.3500 support level.
Should ripple settle below the $0.3500 support level, there are chances of an extended downside correction towards the $0.3400 or $0.3365 support levels. The next key support for XRP buyers is near the $0.3290-0.3300 area. Alternatively, if there is a fresh rebound and buyers push the price above $0.3635, ripple price could revisit the $0.3700 resistance.
The market data is provided by TradingView, Bitfinex.