Ripple price is following a bearish path from the $0.3850 swing high. XRP/USD traded below the $0.3580 support and it could accelerate losses below $0.3450.
- Ripple price settled below the $0.3690 and $0.3580 support levels.
- There is a major declining channel formed with resistance at $0.3530 on the 30-minute chart.
- XRP price is poised to break the $0.3450 level and extend losses towards $0.3350 or $0.3200.
Ripple Price Analysis
Yesterday, we discussed that sellers are sighting downside break below $0.3580 in ripple price. Recently, there was an increase in selling pressure and the price traded below the $0.3580 and $0.3500 supports.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair started a major downward move from the $0.3850 swing high. Many swing highs were formed near the $0.3760, $0.3700, $0.3660 and $0.3600 levels, resulting in continuous declines.
The price recently broke the $0.3580 support and the 25 simple moving average (30-minute). A new weekly low was formed near $0.3460 and it seems like the price is currently in a major downtrend from $0.3850.
On the upside, the first resistance is near the 23.6% Fib retracement level of the recent decline from the $0.3665 high to $0.3460 low. More importantly, there is major declining channel formed with resistance at $0.3530 on the same chart.
Above the channel resistance, the next crucial resistance is near the $0.3580 level (the previous support). The $0.3580 resistance also coincides with the 50% Fib retracement level of the recent decline from the $0.3665 high to $0.3460 low.
Therefore, if the price corrects higher above $0.3500, it is likely to face a strong resistance near the $0.3580 level. On the flip side, if sellers push the price below the $0.3460 low, there could be more losses towards the $0.3350 support.
The main support is near the $0.3200 level, which must hold declines in ripple price. Overall, XRP is facing an increased selling pressure below $0.3580 and it could continue to drop towards the $0.3350 or $0.3200 support level.
The market data is provided by TradingView, Bitfinex.