Ripple price failed to continue higher and recently declined below $0.3220. XRP/USD is approaching a major support near $0.3145, below which it could accelerate lower.
- Ripple price topped near the $0.3321 level and recently started a fresh decline.
- There is a major bearish trend line forming with resistance near $0.3210 on the 30-minute chart.
- XRP/USD could extend the current decline if there is a break below $0.3145.
Ripple Price Analysis (XRP to USD)
In the past three sessions, there was a minor increase in selling pressure on bitcoin, ripple, and Ethereum. XRP/USD failed to continue higher, topped near the $0.3320 level, and recently started a fresh decrease.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded below the $0.3300 and $0.3255 support levels to move into a short term bearish zone. Moreover, there was a break below the $0.3200 support and the 25 simple moving average (30-minute chart).
The price traded as low as $0.3144 and it is currently consolidating above $0.3150. It recovered above the 23.6% Fib retracement level of the recent slide from the $0.3321 high to $0.3144 low.
However, the price is facing a strong resistance near the $0.3200 and $0.3210 levels. Moreover, there is a major bearish trend line forming with resistance near $0.3210 on the same chart.
The 50% Fib retracement level of the recent slide from the $0.3321 high to $0.3144 low is also near the $0.3235 level. Therefore, ripple price could struggle to surpass the $0.3210 and $0.3235 levels.
If there is a successful close above the $0.3235 resistance, XRP price might start a fresh increase towards the $0.3400 and $0.3500 resistance levels. An intermediate resistance is near the $0.3320 swing high.
Conversely, if ripple price fails to break the trend line and the $0.3235 resistance, there could be a downside extension. An initial support is near the $0.3145 level, below which the price could test $0.3120 in the short term. Any further losses may perhaps push XRP/USD towards the key $0.3020 support area.
The market data is provided by TradingView, Bitfinex.
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