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 XRP Price

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.

Ripple Price Analysis XRP Chart

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.



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.

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