Ripple Price Analysis: XRP Signaling Bearish Continuation Below $0.3020
Ripple price is trading with a bearish bias below the $0.3200 pivot level. XRP/USD is likely to continue lower and it might even break the $0.3020 support in the near term.
- Ripple price struggled to climb back above $0.3250 and extended its decline below $0.3120.
- There is a crucial bearish trend line forming with resistance near $0.3120 on the 30-minute chart.
- XRP/USD might continue to move down and it could even trade below $0.3020 and $0.3000.
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Ripple Price Analysis (XRP to USD)
Yesterday, we saw a solid rise in selling pressure on bitcoin, ripple, cardano, TRX, and Ethereum. XRP/USD was seen following a bearish path after it failed to stay above the $0.3250 and $0.3200 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair gained bearish momentum below $0.3160 and settled well below the 25 simple moving average (30-minute chart). Moreover, there was a break below the $0.3080 support and the price traded towards $0.3020.
A new weekly low was formed at $0.3026 and the price is currently correcting higher. The 23.6% Fib retracement level of the recent drop from the $0.3163 high to $0.3026 low is acting as a short-term hurdle.
On the upside, there are many hurdles near the $0.3090 and $0.3100 levels. The 50% Fib retracement level of the recent drop from the $0.3163 high to $0.3026 low is also near the $0.3095 level.
More importantly, there is a crucial bearish trend line forming with resistance near $0.3120 on the same chart. To start a convincing recovery, the price must break the trend line and gain momentum above the $0.3150 resistance.
The next important resistances are near $0.3200 and $0.3220. On the flip side, if ripple price fails to correct above $0.3100 or $0.3120, it could extend its decline. An immediate support is near the $0.3020 level.
If XRP price slides below the $0.3020 support, there could be a sharp decline below $0.3000 and $0.2980. Overall, ripple is trading with a bearish bias and its price might decline further below $0.3020.
The market data is provided by TradingView, Bitfinex.
The post Ripple Price Analysis: XRP Signaling Bearish Continuation Below $0.3020 appeared first on Blockonomi.
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Dr. Latika Mehrotra, Khareem Sudlow