Ripple Price Analysis

Ripple Price Analysis: XRP/USD Remains in Downtrend

Ripple price declined sharply this week from the $0.6540 swing high against the US Dollar. XRP/USD is currently forming a bearish structure with resistance at $0.6100.

Key Talking Points

  • Ripple price declined heavily and traded below the $0.6800 and $0.6200 support levels against the US Dollar.
  • There is a key contracting triangle forming with resistance around $0.6100 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • On the downside, the $0.0.5570 low is a short term support followed by $0.5200 and $0.5000.

Ripple Price Forecast

The past few days were simply bearish as Ripple price declined below a few important supports including $0.6800 against the US Dollar. The XRP/USD pair even settled below the $0.6200 and $0.6300 pivot levels to set the pace for more losses.

It traded as low as $0.5570 recently and is currently trading in a range. There was a short-term correction above the 23.6% Fib retracement level of the last downside move from the $0.6543 high to $0.5572 low.

Ripple Price Analysis

However, buyers could not gain upside momentum above the $0.5900 level. Moreover, the 38.2% Fib retracement level of the last downside move from the $0.6543 high to $0.5572 low acted as a barrier for buyers.

At the moment, it seems like there is a key contracting triangle forming with resistance around $0.6100 on the 2-hours chart of the XRP/USD pair. The triangle resistance is near the 50% Fib retracement level of the last downside move from the $0.6543 high to $0.5572 low.

Lastly, the 100 simple moving average (2-hours) is positioned at $0.6350. Therefore, it seems like there is a crucial resistance region forming near the $0.6100 and $0.6350 resistance levels.

On the downside, the triangle support is around the $0.5600. A break below the stated $0.5600 level could push the price to a new low below the $0.5572 level.

The overall price structure remains bearish with resistances on the upside at $0.6100 and $0.6350. Supports are seen at $0.5600 and $0.5400.

Trade safe traders and do not overtrade!

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: aayushjindal@ethereumworldnews.com
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