Ripple price is under pressure and declined below $0.3450 recently against the US Dollar. XRP/USD could continue to move down below $0.3000 or $0.2800.
Key Talking Points
- Ripple price recently broke the $0.3700 support to enter a bearish zone against the US Dollar.
- XRP/USD is following a major contracting triangle (declining) with resistance at $.3420 on the 2-hours chart (Data feed via Bitstamp).
- XRP price may continue to move down towards the $0.3000 or $0.2800 support levels.
Ripple Price Forecast
After a decent recovery above $0.3800, ripple price faced a solid resistance near $0.3995-0.4000 against the US Dollar. The XRP/USD pair started a significant downward move and traded below the $0.3700 and $0.3450 support levels.
Looking at the chart, the price topped near the $0.3984 level and declined steadily. It broke a key connecting bullish trend line, with support at $0.3700 to enter a bearish zone. Sellers gained pace and pushed the price below $0.3500 and the 100 simple moving average (2-hours).
Besides, the price broke the 61.8% Fib retracement level of the last wave from the $0.3125 low to $0.3984 high. The current price action is super bearish and there could be more losses as long as the price is below $0.3620.
At the outset, the price is following a major contracting triangle (declining) with resistance at $.3420 on the 2-hours chart. Sellers are currently pushing the price below the 76.4% Fib retracement level of the last wave from the $0.3125 low to $0.3984 high.
Therefore, the price could soon break the triangle support at $0.3200 and declined towards the $0.3125 low. In the mentioned case, the price will most likely break the $0.3125 low to test the $0.3000 support area.
More importantly, if bitcoin, Ethereum and litecoin continues to slide, ripple price may even break the $0.3000 support level. The next major stop for XRP buyers could be near the $0.2800 level. On the upside, the main resistances are positioned near the $0.3450 and $0.3620 levels.
The market data is provided by TradingView.