Technical Indicators:
Support Level: $0.2800
Resistance Level: $0.3000
Key Points:
- Ripple price fell sharply after breaking the $0.3000 support level.
- XRP even broke through $0.2900 and $2850 support levels and tested the $0.2800 support level.
- The bearish pattern which was formed yesterday is still on the chart with resistance around $0.2980 on the hourly chart.
- Ripple price is currently trying to correct upwards, however, there are a lot of sellers placed on the upside who might push the price back downwards.
Ripple Price Analysis:
SUMMARY: Ripple price crashed sharply breaking below the major support levels. XRP even tested the $0.2800 support level and is currently trying to correct upwards.
The current weak proved bearish for Ripple price as it fell below $0.3200 support level. Bears got stronger after XRP fell below $0.3050 support level and the 100 hourly SMA. Yesterday, the bears attacked with full force and pushed the price below $0.3000. XRP price even broke through $0.2850 support level and tested the $0.2800 level.
A weekly low was formed at $0.2798. Ripple price is currently trying to correct upwards with support at $0.2800 and $0.2850. However, there are a lot of sellers placed around $0.3000 level which has turned into a very strong resistance level and might push the price downwards again. If XRP is unable to break through this resistance, it might fall below $0.2800 support level towards $0.2700 and even $0.2600 levels.
The chart shows that Ripple price is facing a lot of selling pressure while trying to correct upwards. If XRP is unable to break through $0.3000 resistance level for long, there are chances of fresh declines and it might even fall below $0.2800 and $0.2700 levels.
