- Ripple price remained in a bearish zone and declined below the key $0.3060 support against the US dollar.
- Bears remain in action as they managed to push the price below the $0.3000 support.
- Yesterday’s highlighted important bearish trend line is intact with resistance at $0.3035 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting higher, but bears remain in control below $0.3040 and $0.3060.
Ripple price declined heavily and broke many supports against the US Dollar and bitcoin. XRP/USD is currently in a strong downtrend and it could continue to move down towards $0.2920 or $0.2800.
Ripple Price Analysis
In the past few hours, there was a strong decline in ripple price from the $0.3100 resistance against the US Dollar. The XRP/USD pair failed to hold the $0.3080 and $0.3060 support levels and entered a bearish zone. There was a sharp decline below the $0.3040 support and the price settled well below the 100 hourly SMA. Sellers gained control and pushed the price below the $0.3000 support as well.
A new weekly low was formed at $0.2980 and the price is currently correcting higher. The price moved above the $0.3000 support level. Moreover, it cleared the 23.6% Fib retracement level of the recent decline from the $0.3065 high to $0.2980 low. However, there are many hurdles for buyers near the $0.3040 level. An initial resistance is $0.3025 and the 50% Fib retracement level of the recent decline from the $0.3065 high to $0.2980 low. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at $0.3035 on the hourly chart of the XRP/USD pair.