Ripple Price Analysis

Ripple Price Analysis: XRP/USD Could Decline Further

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.

Ripple Price Analysis

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.

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: aayushjindal@ethereumworldnews.com
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