Ripple price struggled to clear the $0.4000 resistance and later declined below $0.3850. XRP needs to hold the $0.3600 support to recover in the near term.

  • Ripple price seems to be facing a strong selling interest near the $0.4000 resistance area.
  • Recently, there was a break below a key bullish trend line with support at $0.3750 on the 30-minute chart.
  • XRP must surpass the $0.3850 and $0.4000 resistance levels to trade towards $0.4500.

Ripple XRP Price

Ripple Price Analysis

After forming a low at $0.3387, ripple price started an upward move above $0.3850. XRP traded above the $0.3950 resistance, but it failed to test the $0.4000 hurdle.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3996 and later started a fresh decline. It moved below the $0.3900 support and the 23.6% Fib retracement level of the last leg from the $0.3387 low to $0.3996 high.

More importantly, there was a close below the $0.3850 support and the 25 simple moving average (30-minute). Besides, there was a break below a key bullish trend line with support at $0.3750 on the same chart.

The price declined below $0.3700 and tested the 50% Fib retracement level of the last leg from the $0.3387 low to $0.3996 high. The current price action is slightly bearish and it indicates that the price may continue to struggle.

On the downside, an immediate support is at $0.3605, below which there is a risk of more declines towards the $0.3500 and $0.3450 support levels.

On the upside, the price must break the $0.3800 level and a connecting bearish trend line at $0.3850 on the same chart. A successful close above $0.3850 and $0.3900 may open the doors for another push towards the $0.4000 hurdle.

Overall, ripple price seems to be stuck between the $0.4000 resistance and the $0.3605 support. Therefore, XRP may soon make the next move either above $0.4000 or towards $0.3450. Further below $0.3450, the price may even test the $0.3387 swing low 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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