Ripple price failed to stay above the $0.3250 and $0.3200 support levels and declined against the US dollar.

Ripple price failed to hold gains and declined recently against the US Dollar and bitcoin. XRP/USD could decline towards the $0.3050 support before it can start a fresh upward move.

  • This week’s followed major bullish trend line was breached with support near $0.3245 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair declined below $0.3200 and tested the next key support near the $0.3140 level.
  • The current price action is slightly bearish, suggesting more losses towards the $0.3050 support area.

Ripple Price Analysis

Yesterday, we discussed a few important support levels near the $0.3250 level for ripple price against the US Dollar. Recently, the XRP/USD pair started a downside move from well above the $0.3400 level and declined below the $0.3300 and $0.3280 supports. Later, the price found a strong support near the $0.3250 level. More importantly a crucial breakout pattern was formed with support near $0.3250. However, buyers failed to hold gains, resulting in a sharp decline below $0.3250.

During the decline, the price broke the $0.3220 support and the 100 hourly simple moving average. Besides, this week’s followed major bullish trend line was breached with support near $0.3245 on the hourly chart of the XRP/USD pair. The pair even traded below $0.3160 and tested the $0.3150 support. A low was formed at $0.3144 and the price is currently correcting higher. It is testing the 23.6% Fib retracement level of the recent drop from the $0.3337 high to $0.3144 low. However, there are many hurdles on the upside near the $0.3190 and $0.3200 levels.

There is also a bearish trend line in place with resistance near $0.3200 and the 100 hourly SMA. Therefore, a successful break above $0.3200 is needed for a decent recovery. The next resistance could be $0.3250 and the 50% Fib retracement level of the recent drop from the $0.3337 high to $0.3144 low.

Looking at the chart, ripple price likely moved into a bearish zone below the $0.3250 support level. The current price action is slightly bearish, suggesting more losses towards the $0.3050 support area. Having said that, losses could be limited and sooner or later the price may bounce back above $0.3200. Finally, a close above $0.3250 will most likely boost the market sentiment in favor of buyers.

Technical Indicators

Hourly MACD – The MACD for XRP/USD recovered and moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently, but failed near the 50 level.

Major Support Levels – $0.3150, $0.3140 and $0.3100.

Major Resistance Levels – $0.3200, $0.3240 and $0.3250.

The views and opinions expressed in the article Ripple Price Analysis: XRP Signaling Bearish Extension In Short Term do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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