Ripple price fell significantly after a sharp rally towards the $0.4600 level. XRP declined below $0.4000 and it is currently trading near the $0.3600 support.

  • Ripple price declined heavily and broke the $0.4200, $0.4000 and $0.3820 support levels.
  • Recently, there was a break above a major bearish trend line with resistance at $0.3800 on the 30-minute chart.
  • XRP must stay above the $0.3600 support area to start a decent recovery in the near term.

Ripple XRP Price

Ripple Price Analysis

This past week, there was a major upward move above the $0.4000 and $0.4400 resistance levels in ripple price. XRP even broke the $0.4600 resistance level and traded as high as $0.4666 before starting a downside correction.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined sharply and broke the $0.4200, $0.4000 and $0.3820 support levels. The price settled below the $0.3950 level and the 25 simple moving average (30-minute).

A low was formed at $0.3661 and later started consolidating losses. It seems like buyers are fighting hard to prevent more losses below the $0.3650 and $0.3600 support levels. Recently, there was a break above a major bearish trend line with resistance at $0.3800 on the same chart.

However, the price struggled to clear the 23.6% Fib retracement level of the last decline from the $0.4666 high to $0.3661 low. It is currently moving south towards the $0.3600 support area.

If there is a downside break below the $0.3600 support, the price may extend the current decline towards the $0.3450 and $0.3420 levels. The main support is at $0.3200 where buyers are likely to take a stand.

On the upside, an initial resistance is near the $0.3900 level, above which the price may climb above the $0.4000 barrier. The next important resistance is at $0.4150, followed by the 50% Fib retracement level of the last decline from the $0.4666 high to $0.3661 low.

Overall, ripple price needs to stay above the $0.3600 support. If not, XRP buyers are likely to lose control and there could be more losses below $0.3400.

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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