HomeAltcoin NewsRipple Price Analysis: XRP Could Extend Decline Below $0.2700

Ripple Price Analysis: XRP Could Extend Decline Below $0.2700

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  • Ripple price is currently trading in a bearish zone below $0.2840 against the US dollar.
  • The price is at a risk of more downsides below the $0.2700 support area.
  • There is a key bearish trend line forming with resistance near $0.2810 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The price could only recover once it clears the $0.2810 and $0.2840 resistance levels.

Ripple price is under pressure below the $0.2840 support against the US Dollar. XRP price might extend its decline if it breaks the $0.2700 support area.

Ripple Price Analysis

This past week, ripple price failed to break the $0.3135-$0.3140 resistance area against the US Dollar. As a result, XRP/USD started a downward move and broke many supports near $0.2980.

Moreover, there was a close below the $0.2980 level and the 55 simple moving average (4-hours). Finally, the price broke the key $0.2840 support area to enter a bearish zone. A low was formed near $0.2710 and the price is currently correcting losses.

It recovered above the $0.2760 and $0.2780 levels. Additionally, the price climbed above the 23.6% Fib retracement level of the last major decline from the $0.3138 high to $0.2710 low.

However, ripple is facing a strong resistance near the $0.2810 and $0.2840 levels. Besides, there is a key bearish trend line forming with resistance near $0.2810 on the 4-hours chart of the XRP/USD pair.

If there is an upside break above the trend line, the price could recover towards the $0.2900 resistance area. The 55 simple moving average (4-hours) is waiting near the $0.2900 area to act as a key hurdle for the bulls.

The next key resistance is near the $0.2925 level. It represents the 50% Fib retracement level of the last major decline from the $0.3138 high to $0.2710 low. Any further gains might push ripple towards the $0.2980 and $0.3000 resistance levels.

On the downside, there is a key support near the $0.2720 and $0.2700 levels. If the price fails to correct above $0.2840, there is a risk of another bearish break below the $0.2700 support area in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.2810 and $0.2840 levels. Thus, the price remains at a risk of more losses below $0.2700 unless the bulls gain strength above the $0.2840 resistance level.

Technical indicators

4 hours MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and is below the 50 level.

Key Support Levels – $0.2760, $0.2720 and $0.2700.

Key Resistance Levels – $0.2810 and $0.2840.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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