Ripple (XRP) Price Showing Bearish Signs But $0.3130 Holds Key

Aayush Jindal

1 year ago

2 mins read

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Ripple price failed to gain strength above the $0.3350 resistance area against the US dollar.
The price broke the $0.3280 and 0.3250 support levels to move into a bearish zone.
There was a break below a major bullish trend line with support at $0.3320 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk of more losses if the bulls fail to defend the $0.3130 support area.

Ripple price is under a lot of selling pressure against the US Dollar and bitcoin. XRP must stay above the $0.3130 support level to bounce back in the near term.

Ripple Price Analysis

After forming a swing low at $0.3134 low, ripple price climbed higher above $0.3250 and $0.3280 against the US Dollar. The XRP/USD pair even broke the $0.3320 resistance area and the 100 hourly simple moving average. The price finally pumped towards the $0.3500 resistance, where sellers defended more gains. A high was formed at $0.3490 and later the price started a major drop. The price started consolidating losses and later failed to climb back above the $0.3350 resistance area.

As a result, there was a sharp decline below the $0.3280 and $0.3250 support levels. There was even a close below the $0.3280 level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support at $0.3320 on the hourly chart of the XRP/USD pair. Bears pushed the price below $0.3200 and a swing low was formed near $0.3175. It recently corrected higher above $0.3200. However, the price struggled to fail near the $0.3215 level and the 23.6% Fib retracement level of the recent slide from the $0.3346 high to $0.3175 low.

More importantly, there is a bearish trend line formed near $0.3225 on the same chart. A proper close above the trend line and $0.3250 is must for a fresh increase. The next key resistance is at $0.3260 and the 50% Fib retracement level of the recent slide from the $0.3346 high to $0.3175 low. Finally, the 100 hourly SMA is near $0.3300 to act as a major hurdle for buyers.

Looking at the chart, ripple price is clearly trading in a bearish zone below $0.3225 and $0.3250. There is a risk of more losses below $0.3150. However, the $0.3130 level hold the key, below which the price could decline sharply to $0.3000.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined below the 50 level, with a bearish angle.

Major Support Levels – $0.3150, $0.3130 and $0.3000.

Major Resistance Levels – $0.3225, $0.3250 and $0.3300.

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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