- Ripple price declined heavily below the $0.3800 and $0.3500 support levels against the US dollar.
- The price even traded close to the $0.3000 support level and it is currently correcting higher.
- There is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could correct higher, but upsides are likely to remain capped near $0.3460.
Ripple price is currently under a lot of pressure against the US Dollar and bitcoin. XRP price might recover towards the $0.3460 level, but later it could resume its slide.
Ripple Price Analysis
Recently, there was a sharp decline in bitcoin, Ethereum and ripple against the US Dollar. XRP/USD declined heavily below the $0.3800 and $0.3500 support levels. It opened the doors for more losses below the $0.3460 support level. Moreover, the price even broke the $0.3200 support and the 100 hourly simple moving average. Finally, the price traded close to the $0.3000 level and a new monthly low was formed near the $0.3035.
Recently, there was an upside correction above the $0.3150 and $0.3200 levels. The price climbed above the 50% Fib retracement level of the recent decline from the $0.3626 high to $0.3035 low. However, the upward move was capped by the $0.3400 level. Besides, there is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair.