Ripple price followed a bearish path below the $0.3400 and $0.3175 support levels. XRP/USD is currently trading near the key $0.3175-0.3200 resistance area and is struggling to continue higher.
- Ripple price declined steadily and even broke the $0.3000 support area.
- A crucial resistance is formed near $0.3175 and a bearish trend line on the 30-minute chart.
- XRP/USD could resume its decline if there is no upside break above $0.3175 and $0.3200.
Ripple Price Analysis (XRP to USD)
Recently, there was a sharp decline in bitcoin, Ethereum, ripple and other major altcoins. BTC/USD traded below the $10,600 support, ETH/USD declined towards $200.00 and XRP/USD settled below the key $0.3175-0.3200 support area.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair declined steadily from the $0.3500 swing high and broke a few important supports near the $0.3400, $0.3320 and $0.3200 levels.
Moreover, there was a close below the $0.3175 support and the 25 simple moving average (30-minute chart). Finally, the price broke the $0.3000 support level and a new multi-week low was formed near the $0.2944 level.
Recently, the price started an upside correction above $0.3000 and the 23.6% Fib retracement level of the recent slide from the $0.3343 high to $0.2944 swing low.
However, the price is facing a lot of hurdles on the upside near the $0.3150, $0.3175 and $0.3200 levels. At the outset, the 50% Fib retracement level of the recent slide from the $0.3343 high to $0.2944 swing low is acting as a resistance.
More importantly, there is a crucial resistance is formed near $0.3175 and a bearish trend line on the same chart. Therefore, to start a decent recovery, ripple price needs to clear the $0.3200 resistance settle nicely above the 25 simple moving average (30-minute chart).
In the mentioned case, the price could recover towards the last swing high at $0.3343. Any further gains may perhaps push the price towards the $0.3500 level.
Conversely, if ripple price fails to recover above the $0.3150, $0.3175 and $0.3200 resistance levels, it could slide again towards the $0.3000 and $0.2950 levels.
The market data is provided by TradingView, Bitfinex.
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