Support Level – $0.2920
Resistance Level – $0.3050
- Ripple price failed to hold the uptrend and fell underneath the $0.3080 support.
- There is a key bearish pattern line formed with resistance around $0.3065 on the hourly chart.
- XRP must remain over the $0.3000 support and the 100 hourly SMA to rise again.
Ripple price is currently being attacked by bears after a significant bullish trend against the US Dollar and Bitcoin. XRP is at the danger of a sharp decline if the 100 hourly SMA and $0.3000 is broken.
Ripple Price Analysis
The ongoing uptrend in bitcoin and Ethereum helped ripple price in moving above $0.3000 against the US Dollar. XRP broke the $0.3100 resistance level and started rising towards the $0.3200 level and later the price revised lower. It moved underneath the $0.3150 support. The price even broke the $0.3000 support once and tested the 100 hourly SMA.
Right now, it appears as though the 100 hourly SMA is proving to be solid support for Ripple price above $0.3000. There are numerous resistances on the upside around $0.3050. Also, there is a bearish pattern line formed with resistance around $0.3065 on the hourly chart. The pair needs to break the $0.3050 resistance and the bearish pattern line to start gains. If it is unable to do so, there is a danger of a sharp break beneath the $0.3000 support.
Taking a look at the chart, Ripple price has found solid support around the 100 hourly SMA. If this support is broken, XRP could fall towards $0.2900. After this support, the next support for XRP lies around $0.2920 and $0.2900.