Ripple Price Analysis: XRP/USD Signaling Drop To $0.2420

ripple

Ripple Price Analysis: XRP/USD Signaling Drop To $0.2420

Ripple price is under a lot of pressure below $0.2850 pivot level against the US Dollar. XRP/USD could continue to move down towards the $0.2420 support zone.

Key takeaways

  • Ripple price is trading in a bearish zone below the $0.2850 and $0.3000 resistances.
  • XRP/USD is trading inside a declining channel with resistance at $0.2700 on the 4-hours chart.
  • XRP price is likely to extend the current decline towards the $0.2420 technical support.

Ripple price analysis

After a decent recovery from the $0.2675 swing low, ripple price faced a strong selling interest near the $0.3080 level against the US Dollar. XRP/USD started a fresh downward move and broke the $0.3000 and $0.2850 support levels.

The 4-hour chart indicates that the price even settled below the $0.2850 pivot level and is currently trading well below the 100 simple moving average (4-hours). The current decline looks strong since the price also broke the last swing low at $0.2675.

Ripple
Chart sourced by TradingView, Binance.

There is a clear downtrend visible on the chart with an immediate support near the $0.2580 level and the 1.236 Fib extension level of the last wave from the $0.2675 low to $0.3075 high. If sellers remain in action, the price could even break the $0.2580 support to test $0.2500.

More importantly, there is a declining channel with resistance at $0.2700 in place on the same chart. Once the price breaks the $0.2580 support and the channel, it may well slide towards the $0.2420 technical support.

The mentioned $0.2420 support is the 1.618 Fib extension level of the last wave from the $0.2675 low to $0.3075 high. On the other hand, if the price corrects above the channel resistance and $0.2750, it could face a strong selling interest near the $0.2850 pivot level.

Above $0.2850, there is a crucial bearish trend line in place with resistance at $0.2900. Therefore, only a successful close above the $0.2900 and $0.3000 resistances might open the doors for a decent recovery in the near term.

Overall, ripple price remains in a downtrend and as long as it is below $0.2850, it could drop towards the $0.2420 technical level.

Also, read: Ripple’s Battleplan in Action: RippleNet, xRapid, and xCurrent in Great Demand

Summary
Ripple Price Analysis: XRP/USD Signaling Drop To $0.2420
Article Name
Ripple Price Analysis: XRP/USD Signaling Drop To $0.2420
Description
Ripple price is under a lot of pressure below $0.2850 pivot level against the US Dollar. XRP/USD could continue to move down towards the $0.2420 support zone.
Author
Publisher Name
COINGAPE
Publisher Logo
View comments
Latika Mehrotra 53 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 @