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Ripple Price Analysis: XRP’s Bearish Continuation Below $0.3200
Ripple price topped near the $0.3820 level and later declined sharply below $0.3500 against the US dollar.There is a short term connecting bearish trend line formed with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently consolidating losses, but it may soon resume its decline below $0.3200 and $0.3100.Ripple price made a sharp U-turn against the US Dollar and Bitcoin. XRP/USD is placed in a bearish zone and it may accelerate losses below the $0.3200 support.Ripple Price AnalysisRecently, we saw an upside break above $0.3600 and $0.3700 in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3800 resistance and traded as high as $0.3819. Later, there was a solid increase in selling interest, resulting in a significant decline below $0.3500. The price traded below the $0.3460 support and the $0.3300 pivot level. Moreover, there was a close below the $0.3350 level and the 100 hourly simple moving average.A low was formed near $0.3165 and later the price corrected higher. It moved above the $0.3250 level, but upsides remain capped. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $0.3819 high to $0.3165 low. Moreover, there is a short term connecting bearish trend line formed with resistance at $0.3300 on the hourly chart of the XRP/USD pair. If there is a break above the trend line and $0.3320, the price may recover further. The next major hurdle for buyers is seen near the $0.3480-0.3500 zone. It also represents the 50% Fib retracement level of the recent decline from the $0.3819 high to $0.3165 low.Looking at the chart, ripple price is clearly at a risk of more losses below $0.3200. Sellers are likely to push the price below the $0.3165 low as well. The next immediate support is at $0.3100 and $0.3050.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone, but with a bearish angle.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level, with negative signs.Major Support Level – $0.3200Major Resistance Level – $0.3320
Author: Aayush Jindal
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