Ripple Price Analysis: Will XRP Fall Back?

5 months ago

Technical Indicators

Significant Support Level – $0.2850

Significant Resistance Level – $0.2950

  • Ripple price slid downwards to test the support around $0.2840 and 0.2850.
  • There is a bearish pattern line formed with resistance around $0.2920 on the hourly chart.
  • XRP is trying to make corrections but a large number of sellers are placed around $0.2920, $0.2950 and $0.3000.

Ripple price is trying to correct from the recent crash. XRP could start declining again after it is able to correct to around $0.2920-0.2950.

Ripple Price Analysis

Ripple price had a sharp downward slide Yesterday underneath the major support around $0.3000. XRP  continued to slide downwards to stay in a bearish zone and even broke the $0.2920 and $0.2900 support levels. However, the support around  $0.2840 and 0.2850 support proved a bit strong after which ripple price started its correction phase. The price is as of now trading close to the 23.6% FIB retracement dimension of the last fall from the $0.2987 high to $0.2850 low. There are a number of resistances on the upside around $0.2920, $0.2960 and $0.3000.

XRPUSD Price Chart

A bearish pattern line is formed with resistance around $0.2920 on the hourly chart. If XRP is able to break the upcoming resistance then the next resistance lies around $0.2940 and the 100 hourly SMA. To have a good recovery, the price must break the $0.2950 and $0.3000 resistance levels. If not, the price stays at danger of falling underneath $0.2880 and $0.2850. After which the only major support left for Ripple is around $0.2800.

Taking a look at the chart, ripple price is trading underneath the $0.2950 resistance and the 100 hourly SMA. It is overall in a strong bearish zone and the current upside correction is going to face a number of sellers around $0.2950.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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