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.

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