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Heavy losses and recovery remain limited

The price of ripple decreased heavily and broke the support area by $ 0.3240. The XRP could recover some points, but the positives remain closed at around $ 0.3240 or $ 0.3265.

  • The price of the ripple decreased significantly and broke the media from $ 0.3280 and $ 0.3240.
  • There was a break below a declining channel with support at $ 0.3295 on the 30-minute chart.
  • The XRP is currently consolidating losses in excess of $ 0.3180, but could resume its decline in the short term.

Ripple XRP Price

Ripple Price analysis

Recently, a new sale has emerged in the encrypted market, with the result of bearish moves in bitcoin, ripple, Ethereum, eos and other altcoins. The XRP declined heavily and broke support levels of $ 0.3280 and $ 0.3240.

XRP chart of ripple price analysis

Click to enlarge the chart

Looking at the 30-minute XRP / USD chart, the pair exceeded the $ 0.3500 level and thereafter began a steady decline. He broke support levels $ 0.3400 and $ 0.3360 to enter a bearish territory. Finally, sellers gained momentum and pushed the price below the $ 0.3265 support.

There was also a closing below $ 0.3240 and the average moving at 25 simple (30 minutes). More importantly, there was a break below a declining channel with support for $ 0.3295 on the same chart.

The price traded from $ 0.3154 and subsequently initiated a short-term upward correction. It recovered above the $ 0.3210 level and the Fib retracement level 23.6% from the recent decline from $ 0.3382 to $ 0.3154 low.

However, there are many barriers for buyers near the $ 0.3240 level (the previous key support). If there is a break above the resistance of $ 0.3240, the price could test the resistance of $ 0.3265 and the Fibre 50% retracement level of the recent decline from $ 0.3382 to $ 0, 3154 low.

There may seem to be a short-term correction, but the current trend could bring the price below the $ 0.3150 level in the next few sessions. Overall, the ripple price has moved into a bearish zone below the rotation level of $ 0.3300. A break below the $ 0.3150 support could perhaps push the price to $ 0.3040 support. On the upside, a break above $ 0.3300 is necessary for a good recovery.

Market data are provided by TradingView, Bitfinex.

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