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 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.
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.