Ripple price declined heavily below the $0.3200 support area against the USD. XRP is currently trading near the $0.3100 support and remains at a risk of further declines.
- There was an increase in selling on ripple and the price declined below $0.3200.
- XRP is following a bearish trend line with resistance at $0.3155 on the 30-minute chart.
- A downside break below $0.3100 and $0.3080 could push the price towards $0.3000.
Ripple Price Analysis (XRP to USD)
After a strong rise in bitcoin price above $5,800, ripple price climbed above the $0.3200 and $0.3250 levels. XRP/USD even broke the $0.3300 level before sellers took a stand near the $0.3325 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3327 and recently declined heavily below the $0.3250 and $0.3200 support levels. There was a proper close below the $0.3200 level and the 25 simple moving average (30-minute chart).
Finally, the price broke the $0.3120 support and tested the $0.3100 support. A swing low was formed recently at $0.3109 and the price is currently consolidating losses.
An initial resistance is near the $0.3150 level and the 50% Fib retracement level of the recent drop from the $0.3197 high to $0.3109 low. There is also a key bearish trend line with resistance at $0.3155 on the same chart.
The next key resistance is near $0.3175, and the 76.4% Fib retracement level of the recent drop from the $0.3197 high to $0.3109 low. Having said that, a close above the $0.3200 resistance region is must to kick start a fresh upward move above $0.3220 and $0.3250.
On the downside, the main support is near the $0.3100 level. If there is a bearish break below $0.3100, there could be a sharp drop below $0.3080 and $0.3070.
Overall, ripple price is clearly trading in a bearish zone below $0.3150 and $0.3200. Unless XRP climbs back above the $0.3200 level, there is a risk of more losses below the $0.3100 support level in the coming sessions.
The market data is provided by TradingView, Bitfinex.
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