The ripple price declined significantly after a strong rally to the $ 0.4600 level. The XRP fell below $ 0.4000 and is currently trading near the $ 0.3600 support.
- The ripple price declined heavily and broke support levels of $ 0.400, $ 0.4000 and $ 0.3820.
- Recently, there was a break above an important bearish trend line with resistance at $ 0.3800 on the 30-minute chart.
- The XRP must remain above the support area of $ 0.3600 to start a decent recovery in the short term.
Price analysis of undulations
Last week, there was a significant rise above the $ 0.4000 and $ 0.4400 resistance levels in ripple. The XRP even exceeded the resistance level of $ 0.4600 and reached $ 0.4666 before starting a downward correction.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair declined dramatically and broke support levels of $ 0.400, $ 0.4000 and $ 0.3820. The price has stabilized below the level of $ 0.3950 and the simple moving average at 25 (30 minutes).
A minimum was formed at $ 0.3661 and subsequently began to consolidate losses. It seems that buyers are fighting hard to prevent further losses below support levels of $ 0.3650 and $ 0.3600. Recently, there was a break above an important bearish trend line with resistance at $ 0.3800 on the same chart.
However, the price has struggled to cancel the Fib retracement level of 23.6% from the low of $ 0.4666 to $ 0.3661 minimum. It is currently moving south to the $ 0.3600 support area.
If there is a bearish break below the $ 0.3600 support, the price may extend the current decline to levels of $ 0.3450 and $ 0.3420. The main support is $ 0.3200, where buyers are likely to take position.
On the upside, initial resistance is close to the $ 0.3900 level, above which the price could rise above the $ 0.4000 barrier. The next major resistance is $ 0.4150, followed by the 50% fiber retracement level of the last decline, from $ 0.4666 upwards to $ 0.3661 below.
Overall, the price of ripple must remain above the $ 0.3600 support. Otherwise, XRP buyers risk losing control and there may be more losses below $ 0.3400.
Market data is provided by TradingView, Bitfinex.