EagleFX

Ripple price extended losses below the $0.3200 support level. XRP is still trading in a bearish zone and it may decline further unless buyers clear the $0.3240 resistance level.

  • As discussed yesterday, ripple price declined further below the $0.3200 support.
  • There is a crucial bearish trend line in place with resistance at $0.3230 on the 30-minute chart.
  • XRP price must clear $0.3230 and $0.3240 to start a decent rebound in the near term.

Ripple Price

Use the Cryptohopper Platform to Trade XRP

Ripple Price Analysis

Yesterday, we saw a bearish pattern in ripple price, with a double top pattern near the $0.3265 resistance level. XRP remained in a downtrend and broke the $0.3200 support level to trade to a new weekly low at $0.3183.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined from the $0.3266 high to $0.3183 low before starting a short term upside correction. It moved above the $0.3210 level and the 25 simple moving average (30-minute chart).

During the recent correction, the price traded above the 50% Fib retracement level of the latest drop from the $0.3266 high to $0.3183 low. There was a decent ascending channel formed with resistance near $0.3240.


Cryptorocket

However, the rebound was capped by the channel resistance and $0.3235. Besides, the 61.8% Fib retracement level of the latest drop from the $0.3266 high to $0.3183 low acted as a solid resistance.

There is also a crucial bearish trend line in place with resistance at $0.3230 on the same chart. Clearly, there is a strong resistance formed near the $0.3240 level. A successful break above the $0.3240 resistance is must for buyers to gain control in the near term.

If the price fails to surpass the $0.3235 and $0.3240 levels, there could be a downside extension. An initial support is near the $0.3185 level, below which the price is likely to test the $0.3165 support.

Overall, upsides remain capped in ripple price near the $0.3240 level. As long as XRP is below $0.3240, there could be more losses towards $0.3165 or $0.3150. On the upside, a break above $0.3240 may push the price towards the $0.3300 level.

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 *