EagleFX

Ripple price failed to capitalize despite bitcoin’s rally against the US dollar. XRP topped near $0.3310 and recently declined sharply towards the $0.3180 support area.

  • There was a strong bearish wave in ripple price below the $0.3245 support level.
  • There is a crucial bearish trend line in place with resistance near $0.3300 on the 30-minute chart.
  • XRP price is currently correcting higher, but it seems like sellers remain in action below $0.3300.

Ripple Price

Read: Guide to Plus500 Broker

Ripple Price Analysis (XRP to USD)

Yesterday, we discussed a possible upward move towards $0.3400 in ripple after there was a sharp rally in bitcoin price above $5,600. XRP/USD traded above the $0.3300 level, but it failed to retain gains above the $0.3340 level and later declined sharply.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair formed a swing high near $0.3313 and declined below the $0.3265 and $0.3245 support levels. There was even a close below the $0.3245 level and the 25 simple moving average (30-minute chart).

The price tested the $0.3180 support area and it is currently correcting higher. It moved above the $0.3210 level and the 23.6% Fib retracement level of the recent drop from the $0.3313 high to $0.3178 low.

An initial resistance is near the $0.3230 level and the 25 simple moving average (30-minute chart). However, the main hurdle for the bulls is near the previous support at $0.3245. It also represents the 50% Fib retracement level of the recent drop from the $0.3313 high to $0.3178 low.

Finally, there is a crucial bearish trend line in place with resistance near $0.3300 on the same chart. Therefore, if there is a fresh increase above $0.3230, the price could face a strong selling interest near the $0.3245 or $0.3300 level.

Only a successful close above the trend line and $0.3313 swing high could push ripple price in a positive zone. If not, there could be more downsides below the $0.3200 and $0.3180 levels. In the mentioned bearish case, XRP price may even drop to $0.3120 in the near term.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *