Support Level – $0.2910
Resistance Level – $0.3050
- Ripple price began to fall downwards underneath the $0.3050 support against the US dollar.
- There is a bearish pattern line formed with resistance around $0.3040 on the hourly chart.
- XRP is experiencing selling pressure and is moving towards the next support around $0.2910.
Ripple price experienced a downward correction which cleared out all the major gains which it experienced till yesterday. XRP settled underneath $0.3050 and it might fall down to test the support around $0.2910.
Ripple Price Analysis
Ripple price began a downward correction after rising up to $0.3200 against the US Dollar. XRP fell underneath the $0.3100 and $0.3050 support levels. The massive selling pressure kicked the price underneath the $0.3000 support and the 100 hourly SMA. Ripple price erased most of its gains which it experienced in the last few days and it could is expected to fall below the next support of $0.2910 in the short term.
Ripple price fell as low as $0.2939 and is currently trying to rise above facing massive selling pressure. Major resistance is formed around $0.3000 and the 100 hourly SMA. If XRP price is able to break this resistance, there is also a major resistance formed around $0.3025. The most number of sellers are placed around $0.3050. Also, there is a bearish trend line formed with resistance around $0.3040 on the hourly chart of the XRP/USD.
Taking a look at the chart, Ripple price is facing a bear trend from the $0.3200 swing high it experienced recently. The price is expected to slide towards the $0.2910 support. To rise upwards, the price must break the $0.3000 and $0.3050 resistance levels.