Ripple price is following a bearish structure below the $0.3185 support level. XRP/USD could correct higher, but it could resume its decline below $0.3070 and $0.3050.

  • Ripple price broke the key $0.3185 and $0.3140 support levels to move into a downtrend.
  • There is a major bearish trend line formed with resistance near $0.3160 on the 30-minute chart.
  • XRP could correct higher, but it is likely to struggle near $0.3120, $0.3140 and $0.3160.

Ripple Price

Ripple Price Analysis

After a strong rejection near the $0.3320 level, ripple price started a downward move. XRP broke key supports near $0.3250 and followed a declining structure similar to bitcoin, Ethereum, BCH, EOS and other altcoins.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined below the key $0.3200 and $0.3185 support levels after forming a swing high at $0.3229. The price even broke the $0.3140 support level and the 25 simple moving average (30-minute chart).

Finally, there was a break below the $0.3120 support and the price tested the $0.3070 level. A low was formed at $0.3073 and the price is currently trading well below the 25 simple moving average (30-minute chart).

An initial resistance is at $0.3130 and the 50% Fib retracement level of the recent slide from the $0.3190 high to $0.3073 low. However, the main resistance is near the $0.3145 level (the previous support area and a pivot zone).

Besides, the 61.8% Fib retracement level of the recent slide from the $0.3190 high to $0.3073 low is close to the $0.3145 level. More importantly, there is a major bearish trend line formed with resistance near $0.3160 on the same chart.

Therefore, if the price corrects higher, it is likely to struggle near the $0.3130, $0.3145 and $0.3160 resistance levels. To start a fresh increase, the price must break the $0.3160 resistance and the $0.3190 swing high.

Overall, ripple clearly moved into a bearish zone below $0.3145 and it could continue to decline in the coming sessions. The next key supports for XRP buyers are at $0.3050 and $0.3010.

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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One Comment

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    5000 per unit 2037

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