Ripple price followed Ethereum’s decline and traded below the $0.3330 support. XRP is now preparing for the next move either above $0.3340 or below $0.3290.
- Ripple price declined recently below the $0.3450 and $0.3330 support levels.
- There is a short term contracting triangle formed with resistance at $0.3335 on the 30-minute chart.
- XRP may soon make the next move either above $0.3400 or below $0.3260 in the near term.
Ripple Price Analysis
Recently, Ethereum faced an increased selling pressure, resulting in bearish moves in ripple and bitcoin. XRP price failed to grab buyers above $0.3450 and later declined below the $0.3400 and $0.3330 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair formed a high at $0.3478 and an intermediate high at $0.3406. Later, there was a downside push below the $0.3450 and $0.3330 support levels. The price even traded below the $0.3300 support and the 25 simple moving average (30-minute).
Moreover, there was a break below a contracting triangle with support at $0.3400 and a connecting bullish trend line at $0.3335 on the same chart. It opened the doors for more losses and the price traded as low as $0.3262.
At the moment, the price is correcting higher above $0.3300 and the 23.6% Fib retracement level of the recent decline from the $0.3406 high to $0.3262 low. However, the price has reached a crucial juncture below $0.3330.
It seems like there is a short term contracting triangle formed with resistance at $0.3335. The triangle resistance also coincides with the 50% Fib retracement level of the recent decline from the $0.3406 high to $0.3262 low.
Therefore, a successful break above the $0.3335 resistance may open the doors for a fresh rally above the $0.3400 and $0.3420 resistance levels. The main resistance is at $0.3500, above which the price could test $0.3650.
Overall, ripple price remains well supported above $0.3280, but a convincing break above the $0.3335 resistance is needed for XRP buyers to take control in the near term.
The market data is provided by TradingView, Bitfinex.