Ripple Price Analysis: XRP bears coming to action

5 months ago

Technical Indicators

Support Level – $0.2940

Resistance Level – $0.3060

  • Ripple price is struggling underneath the $0.3045 and $0.3070 resistance levels against the US dollar.
  • There is a bearish pattern line formed with resistance at $0.3070 on the hourly chart of the XRP/USD.
  • XRP might see some minor corrections in the short term but there is a major possibility of a severe drop to the downside to around $0.2900.

Ripple price is in a bearish trend against the US Dollar as well as Bitcoin. XRP/USD might fall towards the $0.2900 region in the short term before started an upward move.

Ripple Price Analysis

Ripple price reached as high as $0.3094 but later fell underneath the major support around $0.3070 against the US Dollar. XRP declined sharply and fell beneath the $0.3050 and $0.3040 support levels. The decline led to the XRP facing more losses beneath the $0.3000 support level. Also, there was a break underneath a bullish pattern line with support at $0.3000 on the hourly chart.

Ripple price is currently situated well beneath the $0.3045 resistance and 100 hourly SMA. XRP fell up to $0.2971 and is currently trying to cover up losses. It appears that the price might correct a few points for the time being. A new resistance is formed around $0.3030. However, the major resistance is around $0.3070 and 0.3080. Also, there is a bearish pattern line formed with resistance at $0.3070. If XRP is able to correct upwards, the price could surely confront a major resistance around $0.3045 and $0.3060.

XRPUSD Price Chart

Taking a look at the chart, Ripple price is currently in a bearish trend beneath the $0.3060 resistance. It seems that the sellers are getting stronger and there is a danger of XRP falling underneath the previous low at $0.2970. The next support after this point is at $0.2945, beneath which the price could drop towards the $0.2900 region.

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