- Ripple price started a downside correction from the $0.3750 resistance area against the US dollar.
- The price declined below $0.3600 and later settled below the key $0.3480 support area.
- There is a bearish continuation pattern formed with resistance near $0.3370 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might dip towards the $0.3200 support area before it could bounce back in the near term.
Ripple price started a significant downside correction against the US Dollar and bitcoin. XRP could revisit the $0.3200 support, where buyers are likely to take a stand.
Ripple Price Analysis
After a solid uptrend above $0.3600, ripple price faced sellers near the $0.3740 and $0.3750 levels against the US Dollar. The XRP/USD pair started a major downside correction and traded below the $0.3600 and $0.3500 support levels. There was even a close below the $0.3400 support area. Recently, there was a short term rebound, but the price failed to surpass the $0.3480 resistance. Besides, the price failed near the 50% Fib retracement level of the drop from the $0.3748 high to $0.3280 low.
As a result, there was a fresh decline below the $0.3350 level. The price even broke the $0.3280 low and traded to a new low near the $0.3258 level. Recently, the price recovered above the $0.3300 level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $0.3486 high to $0.3258 low. However, there are many hurdles for buyers on the upside near $0.3370 and $0.3380 levels. Besides, there is a bearish continuation pattern formed with resistance near $0.3370 on the hourly chart of the XRP/USD pair.