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.
- 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.
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]