Ripple price failed to gain bullish momentum above $0.3250 and declined recently. XRP bears are gaining control and the price could extend the current downside correction.
- Ripple price formed a double top pattern near the $0.3265 resistance level.
- There was a break below a contracting triangle support at $0.3220 on the 30-minute chart.
- XRP price could extend losses below $0.3200 and it could test the $0.3165 support.
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Ripple Price Analysis
Buyers made another attempt to pushed ripple price above the $0.3250 and $0.3260 resistance levels, but they failed. XRP formed a double top pattern near the $0.3265 resistance level and later started a fresh bearish wave versus the US dollar and bitcoin.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3266 recently before starting a downward move. It broke the $0.3240 and $0.3220 support levels to move into a bearish zone and settled below the 25 simple moving average (30-minute chart).
During the decline, there was a break below a contracting triangle support at $0.3220 on the same chart. As a result, bears took control and pushed the price towards the $0.3190 support level.
A swing low was formed at $0.3186 and before the price started a short term upside correction. It moved above the $0.3200 level and the 23.6% Fib retracement level of the latest slide from the $0.3266 high to $0.3186 low.
However, the previous support at $0.3220 and the 50% Fib retracement level of the latest slide from the $0.3266 high to $0.3186 low prevented further upsides. The price is currently moving lower and it could break the $0.3186 swing low in the coming session.
The next key support is near the $0.3165 level, where buyers may emerge. Having said that, if ripple bears remain in action, there are chances of more downsides towards the $0.3155 or $0.3140 support levels.
On the upside, a break above the $0.3220 resistance is needed for a decent rebound. The main resistances on the upside are $0.3240, $0.3250 and $0.3265, where XRP buyers are likely to face a strong selling interest.
The market data is provided by TradingView, Bitfinex.
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