Ripple price extended declines below $0.3150 and $0.3120. XRP/USD could revisit the $0.3100 support before it could stage a decent comeback in the near term.

  • Ripple price declined further below the $0.3150 support and the $0.3140 pivot.
  • There is a major declining channel in place with resistance at $0.3180 on the 30-minute chart.
  • XRP price could rebound in the short term as long as it is above the $0.3100 support.

Ripple Price

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Ripple Price Analysis

After two failed attempts to clear the $0.3250 resistance, ripple price started a downward move. XRP broke the $0.3200 support level to enter a short term bearish zone. Recently, there was a bearish extension, leading to more losses in bitcoin, ripple, Ethereum and other cryptocurrencies.

Ripple Price Analysis XRP Prediction

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair failed to stay above the $0.3155 and $0.3150 support levels. It extended losses and traded below the $0.3140 pivot plus the $0.3120 support level. A new weekly low was formed at $0.3112 and the price is currently correcting higher.

It has moved above the $0.3120 level and the 23.6% Fib retracement level of the recent drop from the $0.3180 high to $0.3112 low. However, there are many hurdles on the upside, starting with the $0.3150 level and the 25 simple moving average (30-minute chart).

The 50% Fib retracement level of the recent drop from the $0.3180 high to $0.3112 low is also near the $.3145 level to act as a resistance. Once the current correction wave is complete, there is a chance of a solid rebound above the $0.3150 and $0.3180 resistance levels.

At the outset, there is a major declining channel in place with resistance at $0.3180 on the same chart. A successful close above the channel resistance and $0.3200 could open the doors for a test of $0.3250.

Overall, ripple price is following a short term bearish bias and it may retest the $0.3100 support. However, XRP could bounce if buyers succeed in defending losses near $0.3100. If not, the next stop for sellers could be the $0.3065 support level.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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