HomeAltcoin NewsRipple Price Analysis: XRP Remains Vulnerable Below $0.3500

Ripple Price Analysis: XRP Remains Vulnerable Below $0.3500

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  • Ripple price declined heavily after it broke the key $0.3750 support area against the US dollar.
  • The price even broke the $0.3500 support level and traded to a new multi-week low at $0.2899.
  • There is a declining channel forming with resistance near $0.3205 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The price could correct higher, but the bulls are likely to face resistance near $0.3250 and $0.3360.

Ripple price is under a lot of pressure below the $0.3250 pivot level against the US Dollar. XRP price might decline further if it struggles to trade above $0.3250 and $0.3360.

Ripple Price Analysis

This past week, there was a fresh decrease in bitcoin, Ethereum, bitcoin cash, ADA and ripple against the US Dollar. The XRP/USD pair failed to climb above the $0.4090 and $0.4100 resistance levels. As a result, there was a strong decline below the $0.3750 support level. Moreover, there was a break below the $0.3500 support area and the 55 simple moving average (4-hours). It opened the doors for more losses and the price even broke the $0.3000 support.

A swing low was formed at $0.2988 and the price is currently correcting higher. It broke the $0.3050 level plus the 23.6% Fib retracement level of the recent drop from the $0.3507 low to $0.2988 high. However, there are many resistances near the $0.3200 and $0.3250 levels. Moreover, there is a declining channel forming with resistance near $0.3205 on the 4-hours chart of the XRP/USD pair.

The 50% Fib retracement level of the recent drop from the $0.3507 low to $0.2988 high is also near the $0.3204 level to act as a resistance. If there is a recovery above $0.3200 and $0.3250, the price could test the next major resistance is near $0.3360. The main resistance for the current downtrend is at $0.3500, above which the price may move into a positive zone.

On the downside, the $0.3000 level is a decent support. If there is a daily close below $0.3000, the price may perhaps decline heavily below $0.2900 in the coming sessions. The next key supports are near $0.2850 and $0.2620.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a major downtrend below $0.3360 and $0.3500. As long as the price is trading below the $0.3500 pivot level, there is a risk of more losses below the $0.3000 and $0.2900 levels in the near term.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering above the 30 level.

Key Support Levels – $0.3000, $0.2900 and $0.2850.

Key Resistance Levels – $0.3250 and $0.3360.

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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