Ripple price failed to hold the ground above the $0.4700 support and declined. XRP/USD tested the $0.4100 support and it is currently consolidating losses.

  • Ripple price declined below the $0.4700 and $0.4650 support levels.
  • There is a key connecting bearish trend line formed with resistance at $0.4600 on the 30-minute chart.
  • XRP price could decline sharply if there is a downside break below the $0.4100 support.

Ripple XRP Price

Ripple Price Analysis

Yesterday, ripple price stayed above the $0.4700 support during bitcoin’s sharp decline. However, sellers finally gained control and pushed the price below the $0.4700 and $0.4650 support levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined sharply and traded below the $0.4500 and $0.4200 support levels. The price traded as low as $0.4118 and settled below the 25 simple moving average (30-minute).

Later, there was an upside correction above $0.4500 and $0.4600, but buyers failed to gain traction above $0.4850. As a result, there was a fresh decline and the price traded back towards the $0.4100 support area.

An intraday low was formed at $0.4181 and the price is currently consolidating. It recently broke the $0.4350 level and the 23.6% Fib retracement level of the recent decline from the $0.4875 high to $0.4181 low.

However, there is a solid resistance formed near the $0.4600 level. Moreover, there is a key connecting bearish trend line formed with resistance at $0.4600 on the same chart. Below the trend line, the 50% Fib retracement level of the recent decline from the $0.4875 high to $0.4181 low is at $0.4520.

Therefore, a proper break above the $0.4600 resistance is needed for a decent recovery towards the $0.4850 and $0.5000 levels. Above $0.5000, the price could correct further towards the $0.5100 level.

On the downside, the main support is at $0.4100, below which the price may fell sharply towards $0.4000 or $0.3800. Overall, ripple could consolidate above $0.4100 before the next move either above $0.4600 or below $0.4100.

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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