Published: 2018-11-15 06:36:38
Ripple price tumbled below the $0.4320 support against the US Dollar. XRP/USD tested $0.4000 and later recovered, but buyers are struggling near key resistances.
Key Talking Points
- Ripple price declined heavily below the $0.4800 and $0.4320 support levels against the US Dollar.
- XRP/USD traded below a major contracting triangle with support at $0.4800 on the 2-hours chart (Data feed via Bitstamp).
- XRP price is currently recovering, but the previous support near $0.4620 is preventing gains.
Ripple Price Forecast
There was a sharp bearish U-turn in ripple price from well above the $0.5000 level against the US Dollar. The XRP/USD pair tumbled and broke the $0.4800 and $0.4320 support levels to move into a bearish zone.
Looking at the chart, the price came under a lot of pressure after it broke the $0.4800 support and the 100 simple moving average (2-hours). Sellers took control and pushed the price below many supports, including $0.462.
Besides, there was a break below a major contracting triangle with support at $0.4800 on the same chart. It opened the doors for more losses and the price even broke the key $0.4320 support.
It traded close to the $0.4000 level and formed a low at $0.3999. Later, there was an upside recovery and the price moved above the $0.4200 and $0.4400 levels. Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $0.5261 high to $0.3999 low.
However, the previous support at $0.4620 is acting as a solid barrier for buyers. Moreover, the 50% Fib retracement level of the recent decline from the $0.5261 high to $0.3999 low is also near $0.4620 to prevent gains.
Therefore, it won’t be easy for buyers to push the price above the $0.4620 resistance. The next key resistance is near the $0.4850 level, which was a major support earlier.
Overall, ripple price is under a lot of pressure below $0.4620. If there is a fresh decline, the price could trade below the $0.4320 support once again and retest the $0.4000 support.
The market data is provided by TradingView.
The views and opinions expressed in the article Ripple Price Analysis: XRP/USD Rebound Facing Crucial Resistance 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.