Ripple price extended losses below the key $0.3225-0.3240 support against the US dollar. XRP price tested the $0.3120 support and it is currently recovering towards the $0.3240 resistance.
- There was a sharp decline below the $0.3240 and $0.3225 support levels.
- A major bearish trend line is formed with resistance near $0.3230 on the 30-minute chart.
- XRP price is likely to struggle near the previous support at $0.3240 (now resistance).
Trade at AvaTrade
Ripple Price Analysis (XRP to USD)
Yesterday, we saw a short-term rebound in ripple above the $0.3300 resistance area. However, XRP price failed to surpass the $0.3350-0.3360 resistance area, which resulted in a fresh downward move below the $0.3300 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3353 and later declined sharply below the $0.3300 and $0.3260 support levels. More importantly, the price broke the key support near the $0.3240 and $0.3225 levels.
Finally, there was a close below $0.3210 and the 25 simple moving average (30-minute chart). The price extended losses and traded towards the $0.3120 support.
A swing low as formed at $0.3123 and the price recently corrected above $0.3160. There was a break above the 23.6% Fib retracement level of the recent drop from the $0.3353 high to $0.3123 low. At the moment, the price is testing the $0.3200 pivot level and the 25 simple moving average (30-minute chart).
On the upside, there is a strong resistance formed near the $0.3225 and $0.3240 levels (the previous support area). Besides, the 50% Fib retracement level of the recent drop from the $0.3353 high to $0.3123 low is at $0.3238.
Finally, there is a major bearish trend line formed with resistance near $0.3230 on the same chart. Therefore, it won’t be easy for bulls to surpass the $0.3225 and $0.3240 resistance levels.
If they succeed, there could be a strong upward move towards the $0.3350 resistance area in the near term. Alternatively, if bulls fail to push ripple above the $0.3240 resistance, the price might decline once again. An initial support is at $0.3120, below which XRP could test $0.3100 or $0.3065.