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 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.
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.
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.