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The price of the ripple failed to remain above the support area of $ 0.3700 and declined. The XRP / USD could accelerate losses if sellers push the price below $ 0.3550.
- The price of the ripple dropped recently below the support levels of $ 0.3740 and $ 0.3690.
- There is a bearish trend line in place with resistance close to $ 0.3680 on the 30-minute chart.
- The XRP price must remain above the support levels of $ 0.3570 and $ 0.3550 in the short term.
Price analysis of undulations
Recently, there was a decent rebound from the low of $ 0.3579 in ripple above the $ 0.3700 level. The price rose above the resistance levels of $ 0.3800 and $ 0.3820 before the sellers appeared close to $ 0.3850.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded up to $ 0.3858 and then started a bearish move. He refused and broke support levels $ 0.3740 and $ 0.3690 to enter a short-term downtrend.
There was also a close below the $ 0.3690 support and the simple 25-minute (30-minute) average. The price tested the key support zone $ 0.3570, which represented a major obstacle for sellers.
Later, the price rebounded and passed the $ 0.3620 level. However, the correction was limited by the Fib retracement level to 23.6% of the recent decline from the low of $ 0.3858 to $ 0.3578 minimum. On the upside, there are many barriers for buyers near the levels of $ 0.3690 and $ 0.3740.
Furthermore, there is a bearish trend line in place with resistance close to $ 0.3680 on the same chart. Above the trendline, Fibra's 50% retracement level of the recent decline from the low of $ 0.3858 to $ 0.3578 is close to $ 0.3720.
Therefore, the $ 0.3690-0.3740 zone is a crucial resistance zone. A positive closing above $ 0.3740 and the simple moving average at 25 (30 minutes) is necessary for a decent rebound in the short term.
The downside, if ripple trades below support levels $ 0.3570 and $ 0.3550, there could be more declines. The next key support for XRP buyers is close to the $ 0.3400 level, below which the price could test $ 0.3250.
Market data is provided by TradingView, Bitfinex.
