Ripple price declined heavily and broke the $0.3240 support area. XRP could recover a few points, but upsides remain capped near $0.3240 or $0.3265.
- Ripple price traded lower significantly and broke the $0.3280 and $0.3240 supports.
- There was a break below a key declining channel with support at $0.3295 on the 30-minute chart.
- XRP is currently consolidating losses above $0.3180, but it could resume its decline in the near term.
Ripple Price Analysis
Recently, there was a fresh selling emerged in the crypto market, resulting in bearish moves in bitcoin, ripple, Ethereum, eos and other altcoins. XRP declined heavily and broke the $0.3280 and $0.3240 support levels.
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Looking at the 30-minute chart of XRP/USD, the pair topped near the $0.3500 level and later started a steady decline. It broke the $0.3400 and $0.3360 support levels to enter a bearish territory. Finally, sellers gained momentum and pushed the price below the $0.3265 support.
There was even a close below $0.3240 and the 25 simple moving average (30-minute). More importantly, there was a break below a key declining channel with support at $0.3295 on the same chart.
The price traded as low as $0.3154 and later started a short term upside correction. It recovered above the $0.3210 level and the 23.6% Fib retracement level of the recent decline from the $0.3382 high to $0.3154 low.
However, there are many barriers for buyers near the $0.3240 level (the previous key support). If there is a break above the $0.3240 resistance, the price could test the $0.3265 resistance and the 50% Fib retracement level of the recent decline from the $0.3382 high to $0.3154 low.
It seems like there could be a short term correction, but the current trend could push the price back below the $0.3150 level in the coming sessions. Overall, ripple price has moved into a bearish zone below the $0.3300 pivot level. A break below the $0.3150 support may perhaps push the price towards the $0.3040 support. On the upside, a break above $0.3300 is must for a decent recovery.
The market data is provided by TradingView, Bitfinex.