Technical Indicators:
Support Level: $0.2900
Resistance Level: $0.3000
Key Points:
- Ripple price declined sharply below $0.3000 support level.
- XRP is currently at risk of sharp declines below $0.2940 support level.
- A bearish pattern is being formed with resistance around $0.2980 on the hourly chart.
- Ripple price could soon test $0.2900 and $2800 support levels.
Ripple Price Analysis:
Summary: Ripple price is currently facing a lot of selling pressure and trading in a bearish momentum against both USD and BTC. If XRP is not able to gain bullish momentum, it could soon decline towards $0.2900 and $0.2800 levels.
Ripple price was rising with a bullish force above $0.3050. XRP was able to break through $0.3100 resistance level, however, the resistance around $0.3120 proved strong enough to stop the bulls and XRP started to correct downwards thereafter. The selling pressure led to XRP falling below $0.3050 support level. Recently, Ripple price even broke below $0.3000 support level to move into a negative zone.
The current trading momentum is quite bearish below the $0.2950 support level. There are chances that XRP might soon move towards the $0.2900 support level. If Ripple price falls below this range, it might crash hard towards $0.2850 and $0.2800 levels.
Currently, there is a strong resistance formed around $0.3000 and the 100 hourly SMA. A bearish pattern is also being formed with resistance around $0.2980 on the hourly chart. It is very essential for Ripple price to break above the bearish pattern and the $0.3000 resistance level in the short term to avoid a sudden crash. The next resistance after this lies at $0.3050, above which the overall momentum shall turn bullish.
The chart shows that XRP is currently under a lot of selling pressure below $0.3000 resistance level. The next resistance around $0.3050 is also very strong. If Ripple price is unable to break above these resistances, there are high chances of XRP crashing towards $0.2900 and $0.2800 levels in the short term.
