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Ripple (XRP) Nosedives Below $0.30: Is This Fresh Decline or Just Correction?

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Ripple (XRP) Nosedives Below $0.30: Is This Fresh Decline or Just Correction?

Ripple declined heavily from well above $0.3200 against the US Dollar. XRP price even dived below $0.3000 and it could continue to move down in the near term.Ripple price fell sharply after the bears were able to clear the $0.3000 support against the US dollar.The price traded as low as $0.2677 and it is currently correcting losses.There are two connecting bearish trend lines forming with resistance near $0.2950 and $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).The price must climb back above $0.3000 to start a fresh increase in the coming sessions.Ripple Price Could Extend LossesIn the past 3-4 sessions, ripple faced an increase in selling pressure below $0.3200. As a result, XRP declined heavily below the $0.3050 and $0.3000 support levels.Moreover, there was a close below the $0.3000 support and the 100 hourly simple moving average. The price is down more than 10% and it traded as low as $0.2677. Recently, there was a minor upside correction above the $0.2800 level.Besides, the price recovered above the 23.6% Fib retracement level of the recent dive from the $0.3194 high to $0.2677 low. However, ripple is facing a lot of hurdles on the upside near $0.2940 and $0.2950.More importantly, there are two connecting bearish trend lines forming with resistance near $0.2950 and $0.3000 on the hourly chart of the XRP/USD pair.

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Author: Aayush Jindal

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