Ripple Price Analysis

Ripple (XRP) Price Analysis: Risk Of Another Drop Before Higher

Ripple price was unable to stay above the $0.4100 and $0.4000 support levels. XRP is likely to extend losses in the short term towards $0.3640 before it could bounce back above $0.4100.

  • The price recently traded below the key $0.4000 and $0.3980 support levels.
  • XRP broke a major bullish trend line with support at $0.4000 on the 30-minute chart.
  • Ripple price tested the $0.3820 support level and it is currently correcting higher.

Ripple Price

Read: Trade at VantageFX

Ripple Price Analysis (XRP to USD)

This week, ripple price started a steady rise from the $0.3800 support area. XRP/USD traded above the $0.4000 resistance level to move into a positive zone. However, the price struggled to gain momentum above $0.4100 and failed to stay above $0.4080.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.4127 recently before starting a downward move. It broke the key $0.4000 support level and settled below the 25 simple moving average (30-minute chart).

Moreover, the price traded below a major bullish trend line with support at $0.4000 on the same chart. It opened the doors for more losses below $0.3900 and the price traded close to the $0.3800 support.

A swing low was formed at $0.3812 and the price is currently correcting above the 23.6% Fib retracement level of the recent decline from the $0.4127 high to $0.3812 low.

On the upside, there are many hurdles near the $0.3980 and $0.4000 levels (the recent support levels). Besides, the 25 simple moving average (30-minute chart) is also positioned near the $0.4000 level to act as a strong resistance.

More importantly, the 50% Fib retracement level of the recent decline from the $0.4127 high to $0.3812 low is just below $0.4000. Therefore, the price is likely to struggle near the $0.4000 resistance area.

If there is an upside break above $0.4000, ripple price could start a fresh increase towards $0.4080 or even $0.4100. The next key resistance is at $0.4125, followed by $0.4150.

Conversely, if ripple price fails to climb back above $0.4000, there could be a downside extension below the $0.3800 support level. The next main support is near $0.3640, where the bulls may take a stand.

The market data is provided by TradingView, Bitfinex.


You have Successfully Subscribed!

View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button