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 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.
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.