Ripple price declined heavily and tested the $0.3700 support area. XRP is currently correcting higher, but there are many resistances waiting on the upside near the $0.4000 resistance.
- The price is currently rebounding above $0.3800 after it traded as low as $0.3699.
- XRP is likely to struggle near $0.4000 and a major bearish trend line on the 30-minute chart.
- Ripple price might struggle near $0.4000 and there could be more losses in the near term.
Ripple Price Analysis (XRP to USD)
This past week and weekend, there was a major decline in ripple price below the $0.4050 and $0.4000 support levels. XRP/USD faced an increase in selling pressure after it broke $0.4000, resulting in a slide towards the $0.3800 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.3800 support level and settled below the 25 simple moving average (30-minute chart). A new weekly swing low was formed near $0.3699 and the price is currently correcting higher.
It moved above the $0.3750 level and the 23.6% Fib retracement level of the slide from the $0.4126 high to $0.3699 swing low. An immediate resistance on the upside is near the $0.3920 level.
The 50% Fib retracement level of the slide from the $0.4126 high to $0.3699 swing low is also near the $0.3915 level to act as a resistance. Moreover, there is a major bearish trend line forming with resistance near the $0.4000 level.
To start an upward move, the price must clear $0.4000 and the 76.4% Fib retracement level of the slide from the $0.4126 high to $0.3699 swing low. A successful close above $0.4040 is likely to open the doors for more gains in the near term.
Conversely, if ripple price struggles to clear the $0.4000 barrier, it could remain in a bearish zone. On the downside, the main support is near the $0.3700 level, below which XRP bulls might lose grip. The next stop for sellers might be near the $0.3500 pivot level, where the bulls could take a stand.
The market data is provided by TradingView, Bitfinex.