Technical Indicators:
Support Level: $0.2900
Resistance Level: $0.2950, $0.3000
Key Points:
- Ripple price is still in a bear trend despite the recent surge in the price of bitcoin.
- XRP is currently trading around $0.2910 with support at $0.2900.
- The bearish pattern line which was being formed on the hourly chart earlier this week still remains intact on the same chart with resistance around $0.2950.
- Ripple price is currently under a lot of selling pressure and might soon crash below $0.2900 support level.
Ripple Price Analysis:
SUMMARY: Ripple price was unable to gain bullish momentum despite the BTC price surge. It is very essential for XRP to break through $0.2950 and $0.3000 resistance levels in the short term to avoid the risk of a crash.
After crashing below to test the $0.2900 support level recently, buyers were able to push the price of XRP upwards above the $0.2950 resistance level. XRP even tested the $0.3000 resistance level where a lot of sellers emerged and the price started to correct downwards. The selling pressure moved Ripple price below the 100 hourly SMA and $0.2980 level. XRP even declined below the $0.2950 support level which has now turned into a strong resistance level.
Ripple price recorded a weekly low at around $0.2900 and is currently trading at high risk of a crash below this range. A lot of sellers are placed around $0.2950 due to which it is very difficult for XRP to break through this level. Also above this level, there is strong resistance around $0.2980 and $0.3000 levels as well. Therefore, it is very essential for XRP to break above these resistance levels in the short term to avoid further declining.
The chart shows that Ripple price is currently facing a lot of pressure and the overall momentum seems quite bearish despite bitcoin price surging to a new yearly high. XRP is currently at risk of falling below $0.2900 support level towards $0.2850 and $2800 levels in the short term.
