Support Level – $0.3050
Resistance Level – $0.3250
- Ripple price broke below the $0.3200 support level against the US dollar.
- The weekly bullish pattern line was broken with support around $0.3245 on the hourly chart of the XRP/USD pair.
- XRP declined beneath $0.3200 and tested $0.3150 support level.
- The present trading activity is quite bearish, recommending more declines towards the $0.3050 support.
Ripple price was unable to hold gains and declined as of late against the US Dollar and bitcoin. XRP/USD will most probably decline towards the $0.3050 support before it can begin a new upward trend.
Ripple Price Analysis
Ripple price began a downward move from well over the $0.3400 level underneath the $0.3300 and $0.3280 supports. Afterward, the price found good support around $0.3250 level. All the more significantly a breakout pattern was framed with support around $0.3250. Buyers were unable to hold gains, bringing about a sharp decrease beneath $0.3250.
The price broke the $0.3220 support and the 100 hourly SMA. In addition, the weekly bullish pattern line was broken with support around $0.3245 on the hourly chart of the XRP/USD. The pair even fell underneath $0.3160 to test the $0.3150 support. A low was formed at $0.3144 and the price is right now trying to correct higher. It is trying the 23.6% Lie retracement dimension of the ongoing drop from the $0.3337 high to $0.3144 low. In any case, there are numerous obstacles on the upside close to the $0.3190 and $0.3200 levels.
There is a bearish pattern line formed with resistance around $0.3200 and the 100 hourly SMA. An effective break above $0.3200 is required for an upward recovery. The next resistance could be $0.3250.
Taking a look at the chart, the ripple price is currently a bearish zone underneath the $0.3250 support level. The present trading activity is marginally bearish, recommending more downward moves towards the $0.3050 support. The price may rise back above $0.3200 in case buyers stay in position. It is essential for Ripple price to break the $0.3250 level to start an upward correction.