Ripple Price Analysis: XRP Poised To Break $0.3000 Support

Aayush Jindal

1 year ago

2 mins read

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Ripple price is currently under pressure below the $0.3200 and $0.3180 support levels against the US dollar.
There is a crucial bearish trend line formed with resistance at $0.3185 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to extend the current decline and it may even break the $0.3000 support area.

Ripple price declined sharply below key supports against the US Dollar and Bitcoin. XRP/USD remains at a risk of more losses below the $0.3050 and $0.3000 support levels.

Ripple Price Analysis

This past week, we saw a decent recovery above $0.3300 in ripple price against the US Dollar. However, the XRP/USD pair failed on many occasions to clear the $0.3380 and $0.3400 resistance levels. As a result, there was a bearish reaction and the price declined below the $0.3200 support level. The decline was such that the even broke the key $0.3180 support level and moved into a bearish zone. Finally, there was a close below the $0.3200 support level and the 100 hourly simple moving average.

A low was formed at $0.3102 and later the price started a short term upside correction. It recovered above the $0.3120 and $0.3130 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $0.3352 high to $0.3102 low. However, the previous important support near $0.3180 is now acting as a strong barrier for buyers. Moreover, there is a crucial bearish trend line formed with resistance at $0.3185 on the hourly chart of the XRP/USD pair. Above the trend line, the 50% Fib retracement level of the last decline from the $0.3352 high to $0.3102 low is at $0.3227. Therefore, there are many hurdles formed near $0.3180, $0.3200 and $0.3220.

Looking at the chart, ripple price might continue to struggle near the $0.3200 resistance level. Therefore, there is a risk of more losses and it may even break the $0.3000 support area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with many bearish signs.

Major Support Level – $0.3100

Major Resistance Level – $0.3200

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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