Ripple price declined further and traded close to the $0.3040 support level. XRP/USD is currently recovering, but upsides won’t be easy above $0.3125 and $0.3150.
- Ripple price broke the $0.3080 support level and tested the $0.3040 support.
- There is a crucial bearish trend line in place with resistance near $0.3120 on the 30-minute chart.
- XRP price is likely to face sellers near the $0.3125 and $0.3150 resistance levels.
Ripple Price Analysis
Yesterday, we discussed the next leg lower in ripple price below the $0.3100 support level. XRP extended losses and broke the $0.3100 and $0.3080 support levels to move further into a bearish zone along with bitcoin, Ethereum, BCH, EOS and other altcoins.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair started a fresh downward move from the $0.3190 swing high and settled below the $0.3150 support level. There was even a close below the $0.3125 support and the 25 simple moving average (30-minute chart).
Sellers gained momentum and pushed the price towards the $0.3040 support level. A new weekly low was formed at $.3046 and later the price started a short-term upside correction. It moved above the $0.3080 level and the 23.6% Fib retracement level of the latest decline from the $0.3190 high to $0.3046 low.
However, there is a strong resistance formed near $0.3125 and the 50% Fib retracement level of the latest decline from the $0.3190 high to $0.3046 low.
Besides, there is a crucial bearish trend line in place with resistance near $0.3120 on the same chart. Therefore, an upside break above the $0.3125 resistance won’t be easy. The next key resistance is near the $0.3150 level, above which the price could move into a positive zone.
The current price action indicates that ripple could attempt to clear the $0.3125 and $0.3150 resistance levels. However, XRP buyers are likely to struggle near $0.3150 and if they fail, there is a risk of a fresh drop below the $0.3050 and $0.3040 levels in the coming sessions. The next key support is at $0.3005, where buyers might appear.
The market data is provided by TradingView, Bitfinex.