Ripple Price Analysis

Ripple Price Analysis: XRP Could Extend Losses Before Fresh Upside

Ripple price topped near the $0.4085 level and declined below $0.4000. XRP/USD is currently trading in a bearish zone and it could extend losses towards $0.3880 or $0.3810.

  • Ripple price traded below a couple of important supports near $0.4000 and $0.3980.
  • XRP/USD is facing resistance near $0.3960 and a bearish trend line on the 30-minute chart.
  • The price could decline further to test the $0.3880 or $0.3810 support in the near term.

Ripple Price

Ripple Price Analysis (XRP to USD)

Recently, there was a steady rise in ripple price above the $0.4020 and $0.4050 levels. Bitcoin price performed really well and surpassed the $13,000 barrier. However, XRP/USD failed to climb further higher, topped near the $0.4085 level and recently started a fresh decline.

Ripple Price Analysis (XRP to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded below a couple of important supports near $0.4000 and $0.3980 to enter a bearish zone.

There was even a close below the $0.4000 level and the 25 simple moving average (30-minute chart). It opened the doors for more losses and the price tested the $0.3900 support area. A swing low was formed near $0.3896 and the price recently corrected higher.

It broke the $0.3940 level and the 23.6% Fib retracement level of the recent slide from the $0.4082 high to $0.3896 swing low. However, the price struggled to clear the $0.3990 and $0.4000 levels.

At the outset, ripple price seems to be facing resistance near $0.3960 and a bearish trend line on the same chart. The 50% Fib retracement level of the recent slide from the $0.4082 high to $0.3896 swing low is also near $0.3989 to prevent gains.

Therefore, there is a risk of a downside extension below the $0.3900 level. The price could test the $0.3880 support area. If there are more losses, the next stop might be $0.3815.

Conversely, ripple price needs to climb above the $0.4000 resistance area to move into a positive zone. Once XRP/USD gains pace above $0.4000 and $0.4020, there could be a fresh rise towards the $0.4080 and $0.4100 levels. The next key resistance is near the $0.4220 level.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto

eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


You have Successfully Subscribed!

Source: blockonomi.com
View original post

Show More

Leave a Reply

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

Back to top button
Close