Ripple price extended declines and tested the $0.3400 support. XRP/USD bounced back and it is currently trading above the $0.3460 support level.

  • Ripple price failed once again to break the $0.3680-0.3700 resistance zone.
  • Earlier, there was a break above a major declining channel with resistance at $0.3540 on the 30-minute chart.
  • XRP price is currently consolidating above the $0.3460 support for the next move.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we discussed the chances of more losses below $0.3460 in ripple price in the short term. The price did move down and broke the $0.3460 support, but losses were limited as it found support near $0.3400.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair dipped sharply below $0.3460 and tested the $0.3400 support level. It seems like buyers defended losses near yesterday’s major declining channel support near $0.3400.

As a result, there was a decent upward move and the price bounced back above $0.3460 and $0.3500. More importantly, there was a break above the same declining channel with resistance at $0.3540.

It opened the doors for more gains above $0.3600 and the 25 simple moving average (30-minute). However, sellers once again defended the $0.3680-0.3700 resistance zone. A fresh decline was initiated and the price traded below the 61.8% Fib retracement level of the last wave from the $0.3400 low to $0.3685 high.

The price traded close to the $0.3460 support, which prevented further losses. Besides, the 76.4% Fib retracement level of the last wave from the $0.3400 low to $0.3685 high also acted as a support.

XRP is currently moving higher and is trading near the $0.3540 level and the 25 simple moving average (30-minute). If it continues to move higher, it could test the $0.3680 resistance, above which the next major hurdle for buyers is near the $0.3760 level.

On the other hand, if there is a fresh decline, ripple price may perhaps trade below $0.3460. Additional losses below $0.3460 could put XRP at a risk of a downside break below $0.3400.

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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