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XRP Price Analysis: Ripple in a bearish momentum? – Coinnounce

XRP Price Analysis: Ripple in a bearish momentum?

Technical Indicators:

Support Level: $0.3100.

Resistance Level: $0.3200.

  • XRP price was unable to break the $0.3380 and $0.3400 resistance levels against the US dollar.
  • The price fell lower and broke the $0.3220 and $0.3200 support levels to move into a bearish zone.
  • There is a bearish pattern line formed with resistance at $0.3155 on the hourly chart of the XRP/USD.
  • The pair could fall further if it breaks the $0.3100 support.

Ripple price picked up bullish pace after Coinbase Pro listing news but was unable to maintain the momentum. XRP price fell beneath the major support level of $0.3200.

XRP Price Analysis

Recently, we saw a sharp upward move in XRP price above $0.3200 resistance level against the US Dollar. XRP price even broke the $0.3320 resistance level and the 100 hourly SMA. But Ripple price was unable to break the $0.3380 and $0.3400 resistance levels which resulted in a new downward slide and the price broke the $0.3320 and $0.3220 support levels.

XRP price even broke the $0.3200 support in addition to the 100 hourly SMA. The $0.3100 support proved strong and controlled the losses. XRP price is currently trying to correct upwards. There is a bearish pattern line formed with resistance at $0.3155 on the hourly chart of the XRP/USD.

Ripple price will break either beneath $0.3100 or above $0.3180. On the upside, there are numerous resistances close to the $0.3180, $0.3200 and $0.3220 levels. A break above $0.3220 resistance level could drive the price towards the $0.3400. If there is a drawback break underneath $0.3100, the price could decrease sharply.

XRPUSD Price Chart

Taking a look at the chart, ripple price was unable to break over the $0.3380 level. It is at present trading a bearish momentum and it will probably fall below $0.3100. On the other hand, XRP price needs to break the $0.3220 resistance in order to begin a new upward move.

Nadja Eriksson

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