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XRP Price Analysis: Ripple in a bearish momentum?

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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
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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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