- Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar.
- The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level.
- There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances.
Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might accelerate losses if it fails to break the $0.3120 resistance level in the near term.
Ripple Price Analysis
Yesterday, we saw a nice upward move in ripple price above the $0.3150 and $0.3200 resistances against the US Dollar. The XRP/USD pair even tested the $0.3250 level, but it failed to hold gains. As a result, there was a sharp decline below the $0.3200 and $0.3150 levels. The price even spiked below the $0.3120 support and the 100 hourly simple moving average. A swing low was formed at $0.3060 before the price corrected higher during BTC and Ethereum recovery.
The price moved above the $0.3080 level and tested the 23.6% Fib retracement level of the recent drop from the $0.3245 high to $0.3061 low. However, the price seems to be facing a strong resistance near the $0.3105 level and the 100 hourly SMA. Besides, there is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair. If the pair manages to climb above the $0.3110 and $0.3120 resistance levels, there could be a decent recovery.