Ripple Price Analysis

Ripple Price Analysis: XRP/USD Bears Target $0.2800 or Lower

Ripple Price Analysis XRP Chart

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.

Ripple Price Analysis XRP Chart

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.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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