Ripple price failed to continue higher and extended decline after bitcoin and Ethereum weakened significantly, However, XRP/USD is correcting losses and it might gain traction if there is a break above $0.3100.
- Ripple price extended losses to $0.2825 and recently corrected above $0.2920.
- There is a major bearish trend line forming with resistance near $0.3020 on the 30-minute chart.
- XRP/USD could rebound sharply if there is a close above the $0.3060 and $0.3100 resistances.
Ripple Price Analysis (XRP to USD)
After a short term correction, bitcoin and Ethereum resumed their decline below $10,000 and $205.00 respectively. As a result, ripple price faced an increase in selling pressure and it dropped below the $0.3060 and $0.3000 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.2920 support level and traded as low as $0.2825. However, the decline was limited and the price bounced back sharply above $0.2920 and $0.2950.
Moreover, there was a break above the $0.3060 resistance, but the price struggled near $0.3100 and the price recently corrected lower. There was a break below the $0.2950 level plus the 50% Fib retracement level of the recent wave from the $0.2825 low to $0.3091 high.
The price tested the $0.2920 support and the 61.8% Fib retracement level of the recent wave from the $0.2825 low to $0.3091 high. Ripple is currently consolidating near the $0.2975 level and the 25 simple moving average (30-minute chart).
On the upside, there are a few important resistances near $0.3020 and $0.3060. Moreover, there is a major bearish trend line forming with resistance near $0.3020 on the same chart.
Therefore, if there is an upside break, the price might start a strong rebound above the $0.3100 and $0.3120 levels. The next important resistance is close to the $0.3200 and $0.3220 levels.
On the other hand, if ripple price fails to climb above the $0.3060 and $0.3100 resistance levels, it could resume its decline. An immediate support is near the $0.2920 level, below which XRP/USD might trade to a new monthly low below $0.2825.
The market data is provided by TradingView, Bitfinex.
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