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Crucial Support Nearby for Bulls


Ripple price fell significantly after a sharp rally towards the $0.4600 level. XRP declined below $0.4000 and it is currently trading near the $0.3600 support.

  • Ripple price declined heavily and broke the $0.4200, $0.4000 and $0.3820 support levels.
  • Recently, there was a break above a major bearish trend line with resistance at $0.3800 on the 30-minute chart.
  • XRP must stay above the $0.3600 support area to start a decent recovery in the near term.

Ripple Price Analysis

This past week, there was a major upward move above the $0.4000 and $0.4400 resistance levels in ripple price. XRP even broke the $0.4600 resistance level and traded as high as $0.4666 before starting a downside correction.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined sharply and broke the $0.4200, $0.4000 and $0.3820 support levels. The price settled below the $0.3950 level and the 25 simple moving average (30-minute).

A low was formed at $0.3661 and later started consolidating losses. It seems like buyers are fighting hard to prevent more losses below the $0.3650 and $0.3600 support levels. Recently, there was a break above a major bearish trend line with resistance at $0.3800 on the same chart.

However, the price struggled to clear the 23.6% Fib retracement level of the last decline from the $0.4666 high to $0.3661 low. It is currently moving south towards the $0.3600 support area.

If there is a downside break below the $0.3600 support, the price may extend the current decline towards the $0.3450 and $0.3420 levels. The main support is at $0.3200 where buyers are likely to take a stand.

On the upside, an initial resistance is near the $0.3900 level, above which the price may climb above the $0.4000 barrier. The next important resistance is at $0.4150, followed by the 50% Fib retracement level of the last decline from the $0.4666 high to $0.3661 low.

Overall, ripple price needs to stay above the $0.3600 support. If not, XRP buyers are likely to lose control and there could be more losses below $0.3400.

The market data is provided by TradingView, Bitfinex.



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