Ripple price failed to stay above the $0.3700 support area and declined. XRP/USD could accelerate losses if sellers push the price below $0.3550.

  • Ripple price declined recently below the $0.3740 and $0.3690 support levels.
  • There is a connecting bearish trend line in place with resistance near $0.3680 on the 30-minute chart.
  • XRP price must stay above the $0.3570 and $0.3550 support levels in the short term.

Ripple XRP Price

Ripple Price Analysis

Recently, there was a decent bounce from the $0.3579 swing low in ripple price above the $0.3700 level. The price climbed above the $0.3800 and $0.3820 resistance levels before sellers appeared near $0.3850.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3858 and later started a downward move. It declined and broke the $0.3740 and $0.3690 support levels to enter a short term downtrend.

There was even a close below the $0.3690 support and the 25 simple moving average (30-minute). The price tested the key $0.3570 support zone, which acted as a strong barrier for sellers.

Later, the price bounced back and traded above the $0.3620 level. However, the correction was capped by the 23.6% Fib retracement level of the recent drop from the $0.3858 high to $0.3578 low. On the upside, there are many hurdles for buyers near the $0.3690 and $0.3740 levels.

Moreover, there is a connecting bearish trend line in place with resistance near $0.3680 on the same chart. Above the trend line, the 50% Fib retracement level of the recent drop from the $0.3858 high to $0.3578 low is near $0.3720.

Therefore, the $0.3690-0.3740 zone is a crucial resistance zone. A successful close above $0.3740 and the 25 simple moving average (30-minute) is needed for a decent rebound in the near term.

On the flip side, if ripple trades below the $0.3570 and $0.3550 support levels, there could be more declines. The next key support for XRP buyers is near the $0.3400 level, below which the price may test $0.3250.

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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