Ripple price declined sharply from $0.6940 against the US Dollar. XRP/USD is currently holding $0.7650, but it could decline further in the near term.
Key Talking Points
- Ripple price faced a strong selling interest above $0.9600 against the US Dollar.
- There was a break below a crucial bullish trend line with support at $0.9100 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair is now below 100 simple moving average (2-hours) and $0.8200, which are bearish signs.
Ripple Price Forecast
This week, there was a slight increase in bearish pressure above $0.9000 in Ripple price against the US Dollar. The XRP/USD pair traded as high as $0.9642 from where it started a major downside move.
The pair declined and broke a few key supports such as $0.9200, $0.8400, $0.8200 and $0.8000. More importantly, there was a break below a crucial bullish trend line with support at $0.9100 on the 2-hours chart of the XRP/USD pair.
Additionally, sellers pushed the price below the 50% Fib retracement level of the last leg from the $0.6529 low to $0.9642 high. It even traded below $0.8000 and 100 simple moving average (2-hours). These all are negative signs and it could increase bearish pressure on XRP.
At the moment, the price is holding the 61.8% Fib retracement level of the last leg from the $0.6529 low to $0.9642 high at $0.7650. If there is a downside break below $0.7650, it could open the doors for a push towards the last swing low of $0.7000.
Below the mentioned $0.7000 support, the price may perhaps test the $0.6500 support zone. On the other hand, if the price starts an upside move, it may find sellers near the $0.8200 level and the 100 SMA.
A close above $0.8200 and 100 SMA will most likely push the price back on a bullish path. The next stop for XRP buyers in the mentioned case could be $0.9000 and $0.9200 in the near term.
Trade safe traders and do not overtrade!
*The market data is provided by TradingView.