Ripple price topped near the %excerpt%.3480 area and started a strong decline against the US dollar.The price is down more than 15% and broke the %excerpt%.3000 support area.There was a break below a key bullish trend line with support near %excerpt%.2885 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).The pair tested the %excerpt%.2680 support area and it is now showing a few bearish signs.Ripple price started a strong bearish wave from well above %excerpt%.3400 against the US Dollar. XRP price is now trading below %excerpt%.3000 and it could continue to move down.Ripple Price AnalysisAfter a sharp rally, ripple price tested the %excerpt%.3480 and %excerpt%.3500 resistance levels against the US Dollar. XRP/USD failed to continue above %excerpt%.3500 and formed a short term top near the %excerpt%.3473 level.As a result, there was a strong
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Ripple, Trading, XRP
This could be interesting, too:
Chayanika Deka writes Old XRP Coins Cause Stir Indicating Potential ‘Buy the Dip’ Interest
Bena Ilyas writes Spot Bitcoin ETFs Sees 7th Consecutive Day of Outflow Streak
Bitcoin Schweiz News writes Auf diese 3 Ripple-Produkte setzen die Banken
Chimamanda U. Martha writes Australian Regulator Secures First Victory in Non-Cash Payment Case Involving Crypto
- Ripple price topped near the $0.3480 area and started a strong decline against the US dollar.
- The price is down more than 15% and broke the $0.3000 support area.
- There was a break below a key bullish trend line with support near $0.2885 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair tested the $0.2680 support area and it is now showing a few bearish signs.
Ripple price started a strong bearish wave from well above $0.3400 against the US Dollar. XRP price is now trading below $0.3000 and it could continue to move down.
Ripple Price Analysis
After a sharp rally, ripple price tested the $0.3480 and $0.3500 resistance levels against the US Dollar. XRP/USD failed to continue above $0.3500 and formed a short term top near the $0.3473 level.
As a result, there was a strong decline below the $0.3080 and $0.3000 support levels. Besides, there was a close below the $0.3000 area and the 55 simple moving average (4-hours).
More importantly, there was a break below a key bullish trend line with support near $0.2885 on the 4-hours chart of the XRP/USD pair. Finally, the price broke the $0.2800 support area and tested the $0.2680 region.
A low is formed near $0.2686 and the price is currently consolidating losses. An initial resistance is near the $0.2880 level. It coincides with the 23.6% Fib retracement level of the downward move from the $0.3473 high to $0.2686 low.
Moreover, the broken bullish trend line might act as a resistance near the $0.2885 level. The next key resistance is near the $0.3000 level and the 55 simple moving average (4-hours).
Any further gains could lead the price towards the $0.3080 resistance area. It is close to the 50% Fib retracement level of the downward move from the $0.3473 high to $0.2686 low.
Therefore, the price must move back above $0.3000 and $0.3080 to start another rally. Conversely, the price could fail to move above $0.3000 or the 55 simple moving average (4-hours).
In the mentioned bearish case, the price could continue to move down towards the $0.2600 and $0.2500 levels in the near term.
Ripple Price
Looking at the chart, ripple price is struggling to hold the $0.2680 support level. Therefore, there are chances of another drop and the price could revisit the $0.2400 area.
Technical indicators
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Key Support Levels – $0.2680, $0.2585 and $0.2400.
Key Resistance Levels – $0.3000 and $0.3080.