Ripple price declined recently and broke the $0.3750 support zone. XRP is now trading near another support at $0.3660, below which there could be more losses.

  • Ripple price declined after trading to a new weekly high at $0.3860.
  • There is a major bullish trend line formed with support at $0.3685 on the 30-minute chart.
  • XRP must stay above $0.3660 to start a fresh upward move in the near term.

Ripple XRP Price

Ripple Price Analysis

After testing the $0.3750 support area, ripple price bounced back above the $0.3800 resistance. XRP broke the last swing high at $0.3849, traded to a new weekly high at $0.3860, and later started a fresh downside correction.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded below the $0.3800 and $0.3750 support levels. There was also a close below the $0.3750 support and the 25 simple moving average (30-minute).

During the recent decline, the price moved below the 50% Fib retracement level of the last upward move from the $0.3540 swing low to $0.3860 high. However, the price tested a major support area near $0.3660, which prevented additional losses.

Besides, the 61.8% Fib retracement level of the last upward move from the $0.3540 swing low to $0.3860 high also acted as a support. At the outset, there is a major bullish trend line formed with support at $0.3685 on the same chart.

Therefore, the trend line and the $0.3660 support are likely to play an important role in the coming sessions. If there is a break below the $0.3660 support, the price will most likely extend losses. The next key support is at $0.3585, followed by $0.3540.

On the other hand, if the $0.3660 supports holds, the price may bounce back. On the upside, an initial resistance is at $0.3750 and the 25 simple moving average (30-minute). Above $0.3750, the price may test the $0.3880 and $0.3950 resistances.

Overall, ripple price is preparing for the next move either above $0.3750 or below $0.3660 in the near term.

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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