Ripple price failed to gain bullish momentum above $0.3250 and declined recently. XRP bears are gaining control and the price could extend the current downside correction.

  • Ripple price formed a double top pattern near the $0.3265 resistance level.
  • There was a break below a contracting triangle support at $0.3220 on the 30-minute chart.
  • XRP price could extend losses below $0.3200 and it could test the $0.3165 support.

Ripple Price

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Ripple Price Analysis

Buyers made another attempt to pushed ripple price above the $0.3250 and $0.3260 resistance levels, but they failed. XRP formed a double top pattern near the $0.3265 resistance level and later started a fresh bearish wave versus the US dollar and bitcoin.

Ripple Price Analysis XRP Chart

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Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3266 recently before starting a downward move. It broke the $0.3240 and $0.3220 support levels to move into a bearish zone and settled below the 25 simple moving average (30-minute chart).

During the decline, there was a break below a contracting triangle support at $0.3220 on the same chart. As a result, bears took control and pushed the price towards the $0.3190 support level.

A swing low was formed at $0.3186 and before the price started a short term upside correction. It moved above the $0.3200 level and the 23.6% Fib retracement level of the latest slide from the $0.3266 high to $0.3186 low.

However, the previous support at $0.3220 and the 50% Fib retracement level of the latest slide from the $0.3266 high to $0.3186 low prevented further upsides. The price is currently moving lower and it could break the $0.3186 swing low in the coming session.

The next key support is near the $0.3165 level, where buyers may emerge. Having said that, if ripple bears remain in action, there are chances of more downsides towards the $0.3155 or $0.3140 support levels.

On the upside, a break above the $0.3220 resistance is needed for a decent rebound. The main resistances on the upside are $0.3240, $0.3250 and $0.3265, where XRP buyers are likely to face a strong selling interest.

The market data is provided by TradingView, Bitfinex.


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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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