Ripple price extended declines below $0.3150 and $0.3120. XRP/USD could revisit the $0.3100 support before it could stage a decent comeback in the near term.
- Ripple price declined further below the $0.3150 support and the $0.3140 pivot.
- There is a major declining channel in place with resistance at $0.3180 on the 30-minute chart.
- XRP price could rebound in the short term as long as it is above the $0.3100 support.
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Ripple Price Analysis
After two failed attempts to clear the $0.3250 resistance, ripple price started a downward move. XRP broke the $0.3200 support level to enter a short term bearish zone. Recently, there was a bearish extension, leading to more losses in bitcoin, ripple, Ethereum and other cryptocurrencies.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair failed to stay above the $0.3155 and $0.3150 support levels. It extended losses and traded below the $0.3140 pivot plus the $0.3120 support level. A new weekly low was formed at $0.3112 and the price is currently correcting higher.
It has moved above the $0.3120 level and the 23.6% Fib retracement level of the recent drop from the $0.3180 high to $0.3112 low. However, there are many hurdles on the upside, starting with the $0.3150 level and the 25 simple moving average (30-minute chart).
The 50% Fib retracement level of the recent drop from the $0.3180 high to $0.3112 low is also near the $.3145 level to act as a resistance. Once the current correction wave is complete, there is a chance of a solid rebound above the $0.3150 and $0.3180 resistance levels.
At the outset, there is a major declining channel in place with resistance at $0.3180 on the same chart. A successful close above the channel resistance and $0.3200 could open the doors for a test of $0.3250.
Overall, ripple price is following a short term bearish bias and it may retest the $0.3100 support. However, XRP could bounce if buyers succeed in defending losses near $0.3100. If not, the next stop for sellers could be the $0.3065 support level.
The market data is provided by TradingView, Bitfinex.
The post Ripple (XRP) Price Analysis: Downside Thrust Before Fresh Rebound appeared first on Blockonomi.