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.

View Comments

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

    If you agree to these terms, please click here.

    This website uses cookies. When you are browsing Coinnounce.com, you agree with our cookie policy and terms of use.