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.
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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.
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.
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.