Ripple Price Analysis: XRP/USD Turned Bearish Below $0.4200
Ripple price declined below an important support at $0.4260 against the US Dollar. XRP/USD is correcting higher, but it remains to sell on rallies near $0.4230 and $0.4260.
Key takeaways:
- Ripple buyers failed to keep the price above the $0.4260-0.4275 support zone.
- XRP/USD declined below a contracting triangle support at $0.4230 on the 2-hours chart.
- XRP price has turned bearish and it remains to sell on rallies near $0.4230 and $0.4260.
Ripple price analysis
During the past few days, ripple price attempted an upside break above the $0.4500 and $0.4450 resistance levels against the US Dollar. XRP/USD formed many lower highs like near $0.4550, $0.4520, $0.4500 and $0.4400.
The 2-hour chart indicates that the price failed to gain traction above the $0.4500 and $0.4450 resistance levels, resulting in a major bearish break. The price tumbled and broke a few important supports such as $0.4275, $0.4260 and $0.4230.
It opened the gates for more losses and the price traded below the $0.4050 support. During the slide, there was a break below a contracting triangle support at $0.4230 on the 2-hours chart. A new monthly low was established at $0.4010 before the price started an upward move.
XRP is currently correcting higher and is trading near the 23.6% Fib retracement level of the last major decline from the $0.4451 high to $0.4010 low.
At the outset, it seems like the price may correct further above the $0.4120 level in the near term. However, there is a significant resistance waiting near the $0.4231 and $0.4260 levels. The 50% Fib retracement level of the last major decline from the $0.4451 high to $0.4010 low is at $0.4231 to act as a strong barrier for buyers.
Moreover, the triangle upper trend line is positioned near $0.4260 to prevent a bullish break. Therefore, short-term recoveries in ripple price are likely to be capped around $0.4231-0.4260. Above this, the price will most likely recover past $0.4500.
On the downside, an immediate support is at $0.4050, below which, the price could break the $0.4000 support for extended losses in the near term.
- Fed Chair Shortlist Now Down to Five Candidates, Scott Bessent Confirms
- Bitwise CIO Calls Crypto Crash a ‘Blip’ as Market Bounces Back With $338M ETF Inflows
- XRP News: Ripple Strikes Deal with Absa, Expanding Custody Footprint To Africa
- Nasdaq-Listed Webus Adopts XRP in New Tokenized Reward Platform, Eyes $20B Loyalty Market
- Powell Speech Highlights: Crypto Market Upbeat on Fed Rate Cuts, Ending QT, Weak Jobs Markets
- Sui Price Targets $9.5 as Figure Brings SEC-Approved Yield Token YLDS to Sui
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
- XRP Price Prediction as Whales Dump 2.23B Tokens — Is $2 the Next Stop?
- Trader Sees a Dogecoin Price Surge as House of Doge Sets for a NASDAQ Listing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
