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Ripple price fell sharply and broke the $0.3150 and $0.3090 support levels. XRP tested the $0.3000 support and recoveries are now likely to be capped by $0.3080.

  • Ripple price failed to trade higher and broke the key $0.3150 support level.
  • There was a break below a declining channel with support at $0.3065 on the 30-minute chart.
  • XRP tested the $0.3000 support and it may recover a few points in the short term.

Ripple XRP Price

Ripple Price Analysis

Recently, there was a sharp downward move in bitcoin, Ethereum, ripple and other major altcoins. XRP sellers gained momentum and pushed the price below the $0.3200, $0.3150 and $0.3110 support levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair fell sharply from well above $0.3220 and trimmed most of this past week’s gains. It even traded below the $0.3090 support and the 25 simple moving average (30-minute).

Moreover, there was a break below a declining channel with support at $0.3065 on the same chart. A low was formed at $0.2998 and the price is currently consolidating losses. An initial resistance is near $0.3030 and the 23.6% Fib retracement level of the recent drop from the $0.3132 high to $0.2998 low.

However, the main resistance is near the $0.3065 and $0.3080 levels. Besides, the broken channel support at $0.3060 and the 25 simple moving average (30-minute) might also act as a strong barrier.


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Finally, the 61.8% Fib retracement level of the recent drop from the $0.3132 high to $0.2998 low is near the $0.3080 level. Therefore, as long as the price is trading below the $0.3065 and $0.3080 resistance levels, it remains in a downtrend.

To sum up, the recent decline in ripple has opened the doors for more losses below $0.2990. The next key support is near the $0.2880, below which the price may even test $0.2840. On the other hand, if XRP buyers manage to push the price back above the $0.3080 resistance and the 25 simple moving average (30-minute), there is a chance of a decent comeback.

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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2 Comments

  1. Avatar

    Time to buy, screw the selling BS, We are sitting on a gold mine. Take the FUD and shove it

    Reply

    1. Avatar

      Hey Robert, you could be right considering the medium term outlook. However, short term ripple is bearish and it did drop below $0.3000 and $0.2900.

      Reply

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