Ripple price failed to break the $0.3200 resistance area and declined against the USD. XRP broke the $0.3160 support and it is now trading near a crucial support area.
- There was a strong rejection near the $0.3220 and $0.3200 resistance levels.
- Two bearish trend lines are formed at $0.3140 and $0.3180 on the 30-minute chart of XRP/USD.
- Ripple price could decline sharply if it fails to stay above the $0.3080 support area.
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Ripple Price Analysis (XRP to USD)
Yesterday, bitcoin price climbed towards the $6,000 level, lifting the market sentiment for altcoins such as ripple, Ethereum, bitcoin cash, tron, EOS, litecoin and cardano. However, the bulls failed to remain in control and the Binance exchange security breach news started a sharp decline in BTC, ETH and XRP.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3233 and later started a fresh downward move. It seems like there was a strong rejection near the $0.3220 and $0.3200 resistance levels.
The price declined below the $0.3180 level and settled below $0.3160 support plus the 25 simple moving average (30-minute chart). It even broke the last swing low of $0.3092 and traded to a new weekly low at $0.3076.
It is currently correcting higher above $0.3110 and the 23.6% Fib retracement level of the recent decline from the $0.3232 high to $0.3076 low. An immediate resistance is near $0.3135 and the 25 simple moving average (30-minute chart).
There are also two bearish trend lines formed at $0.3140 and $0.3180 on the same chart of XRP/USD. To An intermediate resistance is near the $0.3160 level, and the 50% Fib retracement level of the recent decline from the $0.3232 high to $0.3076 low.
Therefore, there are many hurdles on the upside near $0.3140 and $0.3150 for ripple buyers. To start a convincing upward move, XRP price must settle above $0.3150 and gain momentum above the $0.3180 resistance level.
Conversely, if ripple price fails to surpass the $0.3150 resistance, there is a risk of more losses below the $0.3080 and $0.3050 support levels in the near term.
The market data is provided by TradingView, Bitfinex.