Ripple price dropped significantly after it broke the $0.4620 support. XRP/USD is still in a downtrend and it could decline below the recent $0.4081 low.

  • Ripple price faced an increased selling pressure and declined below $0.4200.
  • XRP/USD is currently forming a bearish continuation pattern with resistance at $0.4260 on the 30-minute chart.
  • The price is likely to extend losses below the $0.4080 and $0.4000 support levels.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we discussed that ripple price is likely to face a lot of resistance near the $0.4750 and $0.4800 levels. The price failed to break the $0.4750 resistance and broke the key $0.4620 support zone.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined heavily and was down more than 10% below $0.4200. It traded towards the $0.4000 level and formed a low at $0.4081.

The price is currently recovering towards $0.4250, but remains well below the 25 simple moving average (30-minute). There was a recovery above the 23.6% Fib retracement level of the recent slide from the $0.4679 high to $0.4081 low.

However, the upside move was capped by the $0.4300 level. More importantly, it seems like there is a bearish continuation pattern in place with resistance at $0.4260 on the same chart. If the price breaks the channel support and $0.4081 low, there could be further declines.

An immediate support is at $0.4000, below which sellers might push the price towards the $0.3850 and $0.3750 support levels. On the other hand, if there is an extended correction above $0.4260, the price will most likely correct towards $0.4380.

The $0.4380-0.4400 resistance zone is very important, since it was a support earlier and now it coincides with the 50% Fib retracement level of the recent slide from the $0.4679 high to $0.4081 low.

Overall, ripple price is in a clear downtrend below the 0.4400 pivot level. A break below the $0.4000 support could provide more strength to sellers. In the mentioned case, it would be hard for buyers to defend $0.3850.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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