Ripple price is following a bearish structure below the $0.3185 support level. XRP/USD could correct higher, but it could resume its decline below $0.3070 and $0.3050.
- Ripple price broke the key $0.3185 and $0.3140 support levels to move into a downtrend.
- There is a major bearish trend line formed with resistance near $0.3160 on the 30-minute chart.
- XRP could correct higher, but it is likely to struggle near $0.3120, $0.3140 and $0.3160.
Ripple Price Analysis
After a strong rejection near the $0.3320 level, ripple price started a downward move. XRP broke key supports near $0.3250 and followed a declining structure similar to bitcoin, Ethereum, BCH, EOS and other altcoins.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair declined below the key $0.3200 and $0.3185 support levels after forming a swing high at $0.3229. The price even broke the $0.3140 support level and the 25 simple moving average (30-minute chart).
Finally, there was a break below the $0.3120 support and the price tested the $0.3070 level. A low was formed at $0.3073 and the price is currently trading well below the 25 simple moving average (30-minute chart).
An initial resistance is at $0.3130 and the 50% Fib retracement level of the recent slide from the $0.3190 high to $0.3073 low. However, the main resistance is near the $0.3145 level (the previous support area and a pivot zone).
Besides, the 61.8% Fib retracement level of the recent slide from the $0.3190 high to $0.3073 low is close to the $0.3145 level. More importantly, there is a major bearish trend line formed with resistance near $0.3160 on the same chart.
Therefore, if the price corrects higher, it is likely to struggle near the $0.3130, $0.3145 and $0.3160 resistance levels. To start a fresh increase, the price must break the $0.3160 resistance and the $0.3190 swing high.
Overall, ripple clearly moved into a bearish zone below $0.3145 and it could continue to decline in the coming sessions. The next key supports for XRP buyers are at $0.3050 and $0.3010.
The market data is provided by TradingView, Bitfinex.
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