Ripple price fell significantly and declined below $0.3400. XRP/USD traded towards the $0.3200 support and later bounced back sharply.

  • Ripple price is currently recovering above the $0.3400 and $0.3600 levels.
  • There was a break above a major bearish trend line with resistance at $0.3750 on the 30-minute chart.
  • XRP price tested the $0.4000 resistance and it is currently correcting lower.

Ripple XRP Price

Ripple Price Analysis

During the past three days, there was a sharp downside move below $0.4200 in ripple price. Bitcoin price also declined below the $4,000 support, igniting bearish pressure on XRP/USD below the $0.4000 support.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined below the $0.3600 and $0.3400 support levels plus settled below the 25 simple moving average (30-minute). It traded close to the $0.3200 support area and formed a low at $0.3295.

Later, there was a sharp upside correction and the price moved back above the $0.3400 and $0.3600 resistance levels. Moreover, there was a test of the $0.4000 barrier and the price settled above the 25 SMA.

During the rise, there was a break above a major bearish trend line with resistance at $0.3750 on the same chart. A high was formed at $0.3991 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the recent wave from the $0.3290 low to $0.3991 high.

However, there is a strong support near the $0.3650 level and a bullish trend line on the same chart. Moreover, the 50% Fib retracement level of the recent wave from the $0.3290 low to $0.3991 high is also near $0.3640.

Therefore, dips towards the $0.3640 and $0.3600 levels remain supported. Having said that, the price must break the $0.3950 and $0.4000 resistance levels to start a solid recovery in the near term.

Overall, ripple price declined heavily and later recovered from the $0.3200 support area. The current price action is positive for XRP, but buyers need to gain strength above the $0.4000 level to push the price towards $0.4500.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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