- Ripple price declined heavily after it broke the $0.3000 support area against the US dollar.
- The price broke the $0.2920 and $0.2850 support levels, and traded close to $0.2800.
- Yesterday’s highlighted key bearish trend line is intact with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct higher in the short term, but sellers are likely to protect $0.2980 and $0.3000.
Ripple price nosedived below many important supports against the US Dollar and bitcoin. XRP tested $0.2800 and it is currently correcting higher towards the previous support levels.
Ripple Price Analysis
This week, we mostly saw bearish moves in ripple price below $0.3200 against the US Dollar. The XRP/USD pair gained bearish momentum after it broke the $0.3060 support and the 100 hourly simple moving average. Sellers got control and pushed the price below the key $0.3000 support level. Finally, there was a sharp decline below the $0.2950 and $0.2920 support levels. The price cleared a connecting bullish trend line with support at $0.3000 to enter a bearish zone.
The decline was such that the price spiked towards the $0.2800 level and formed a new weekly low at $0.2798. At the moment, the price is correcting higher above $0.2850. It broke the 23.6% Fib retracement level of the recent decline from the $0.3083 high to $0.2798 low. However, there are many resistances near the $0.2950 and $0.2970 levels. The 50% Fib retracement level of the recent decline from the $0.3083 high to $0.2798 low is also near the $0.2940 level to act as a hurdle. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $0.2980 on the hourly chart of the XRP/USD pair.