Ripple Price Analysis: XRP/USD Approaching Crucial Support

Ripple-price-XRP-chart3

Ripple Price Analysis: XRP/USD Approaching Crucial Support

Ripple price started a fresh decline from the $0.4870 resistance against the US Dollar. XRP/USD could continue to move down towards the key $0.4310 support.

Key Takeaways:

  • Ripple price is currently correcting lower from the $0.5000 resistance area.
  • XRP/USD is following a declining channel with resistance at $0.4610 on the 2-hours chart.
  • XRP price is likely to continue lower towards an important support zone near the $0.4310 level.

Ripple Price Analysis

After buyers failed to push ripple price above the $0.5000 resistance, there was a downside reaction against the US Dollar. XRP/USD followed a bearish pattern, declined steadily, and formed an intermediate high at $0.4870.

The 2-hour chart indicates that the price remained in a bearish zone and recently declined below the $0.4600 support and the 100 simple moving average (2-hours), which is a short-term negative sign.

Ripple Price Analysis
Chart sourced by TradingView, Binance.

The price dived towards the $0.4340 level recently and formed a low at $0.4349. Later, the price started an upside correction and moved above the 23.6% Fib retracement level of the last drop from the $0.4870 high to $0.4349 low.

However, the price is likely to face a lot of obstacles near $0.4600 and $0.4610 levels. XRP/USD is also following a declining channel with resistance at $0.4610 on the same chart.

The channel resistance coincides with the 50% Fib retracement level of the last drop from the $0.4870 high to $0.4349 low. Besides, the 100 simple moving average (2-hours) is also positioned near the channel resistance and $0.4600.

Therefore, if the price continues to recover, it could face a strong resistance near the $0.4600 and $0.4610 levels. Above the channel resistance, the price may well move back in a positive zone for a run towards the $0.5000 level.

On the other hand, if the ripple price fails to recover above $0.4600 and $0.4610 resistance levels, there could be more losses. The main support on the downside is near the $0.4310 level, which was a resistance earlier. Therefore, there are high chances of buyers taking a solid stand near the $0.4310 level to protect more losses in the near term

Summary
Ripple Price Analysis: XRP/USD Approaching Crucial Support
Article Name
Ripple Price Analysis: XRP/USD Approaching Crucial Support
Description
Ripple price started a fresh decline from the $0.4870 resistance against the US Dollar. XRP/USD could continue to move down towards the key $0.4310 support.
Author
Publisher Name
coingape.com
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Post your comment...
Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Follow Latika @