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

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.

Ripple Price Analysis XRP Chart

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.


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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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