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XRP to USD, 8th May: Ripple Price Analysis, Hard Crash Foreseen?

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Technical Indicators:

Support Level: $0.2900

Resistance Levels: $0.3000, $0.3020

 

Key Points:

  • Ripple price was unable to gain strength above $0.3000 resistance level and declined sharply.
  • The selling pressure led to XRP crashing below $0.2950 and $0.2920 support level.
  • A bearish pattern is being formed with resistance around $0.3000 on the hourly chart.
  • If Ripple price is unable to move over $0.3000 and $0.3020 resistance levels, there are chances of a hard crash in the short term.

 

Ripple Price Analysis:

SUMMARY: Ripple price is fighting hard in order to gain positive momentum. XRP is currently at a high risk of a crash if it is unable to break above $0.3000 and $0.3020 resistance levels in the short term.

 

Ripple price started a bullish momentum yesterday, rising above the $0.3000 resistance level. XRP was even able to break above $0.3020 resistance level, however, the next resistance between $0.3040 and $0.3050 prove quite strong and push the price downwards. The massive selling pressure pushed Ripple price below $0.3020 and $0.3000 support levels and the 100 hourly SMA.

 

Ripple price crashed to a new weekly low at around $0.2912. Currently, XRP is trying to correct upwards to test the $0.3000 resistance level. A bearish pattern is also being formed with resistance around $0.3000 on the hourly chart.

 

It is very essential for Ripple price to break above the bearish pattern and the $0.3000 resistance level in the short term in order to move ahead towards $0.3050 and $0.3100 levels. However, if XRP is unable to break above this resistance, there are chances of a sudden downward crash which might lead to Ripple price testing the $0.2900 support level.

 

XRPUSD Price Chart- 8th May
XRPUSD Price Chart- 8th May

The chart shows that XRP is struggling hard to gain bullish momentum beneath the $0.3000 resistance level. It is very essential for the bulls to gain momentum and move XRP price above $0.3000 and $0.3020 resistance levels in order to turn positive. However, if XRP falls below $0.2900 support level, it might soon test the $0.2850 and $0.2800 support levels.

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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