Ripple Price Analysis

Ripple Price Analysis: XRP/USD’s Breakdown Looks Real

Ripple Price Analysis XRP USD

Ripple price nosedived recently and broke the $0.4265 support against the US Dollar. XRP/USD breakdown below $0.3750 looks real and it could ignite more losses.

Key Talking Points

  • Ripple price failed to hold gains and it broke a crucial support $0.4265 against the US Dollar.
  • There is a tiny connecting bullish trend line formed with support at $0.3430 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair is moving higher, but it may perhaps find barriers on the upside near $0.3620 and $0.3672.

Ripple Price Forecast

In the last analysis, we discussed a crucial support near $0.4265 in Ripple price against the US Dollar. The XRP/USD pair broke the stated support and tumbled below the $0.4000 and $0.3750 supports.

Looking at the chart, the price even broke the $0.3400 support and traded towards the $0.3180 level. A low was formed at $0.3199 and the price is currently correcting higher. It already moves past the 23.6% Fib retracement level of the last decline from the $0.4144 high to $0.3199 low.

Ripple Price Analysis XRP USD

Additionally, there is a tiny connecting bullish trend line formed with support at $0.3430 on the 2-hours chart of the XRP/USD pair. As long as the price is above the trend line and $0.3400, it could continue to correct higher.

However, gains could be contained near the $0.3620 and $0.3672 levels. An immediate resistance is the 38.2% Fib retracement level of the last decline from the $0.4144 high to $0.3199 low at $0.3560.

On the flip side, if the price breaks the trend line and $0.3400, it could resume its bearish move below the $0.3300 level. More importantly, if sellers gain traction, there are chances of more losses below the $0.3199 low.

Overall, ripple price breakdown below $0.3750 looks real and it remains at a risk of more declines. There could be short term recoveries, which are likely to face hurdles near the $0.3620 and $0.3672 levels. The most important resistance sits near $0.3750, which is the 61.8% Fib retracement level.

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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