XRPUSD Dominant Trend: Bearish
Supply Levels: $0.480, $0.500, $0.520
Demand Levels: $0.360, $0.340, $0.320
Ripple Price Analysis
Ripple price fell down from $0.460 to $0.403 on Thursday. This is the third consecutive bearish day. Ripple price sank below $0.4100 and touched $0.387 on Thursday in a context of a global write-down in the cryptocurrency market. Although the coin has found about $0.4151 at the time of writing this article, it is still 10% lower on Wednesday. The massive selling of XRP has been exacerbated by the news that hackers have stolen 9.3 million XRP from the Singapore Bitrue Cryptocurrency Exchange. From a technical point of view, the initial supply is created at $0.450, which is higher than the 55-day moving average. Once it is clear, the bullish potential will probably gain ground with the next approach at $0.480, $0.500 and $0.520. On the downside, the local demand is created from $0.360. The long-lasting movement under this handle will pave the way for the intraday minimum of $0.340 and $0.320 in psychological rates.
However, the main resistance is around $0.480. In addition, the 55-day moving average is also close to the $0.450 level. If there is a close above the $0.480 level, the XRP/USD could reach the $0.500 level. On the contrary, if the Ripple price continues to struggle below $0.400, there could be more downsides. Immediate demand is $0.360, below which there is a risk of a downside break below the demand of $0.320. Looking at the chart, the Ripple price clearly faces a strong selling interest below $0.405. If the price stays below $0.405, there may be more losses. On the other hand, if the price of Bitcoin increases again, it could stop the drop of the Ripple price below the support by $0.360. The MACD for XRP/USD is currently heavily weighted in the bearish zone, while the RSI for XRP/USD is currently in the oversold zone, with a bearish angle.
