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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.
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