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The price of the ripple collapsed under the support of $ 0.4320 against the US dollar. The XRP / USD has tested $ 0.4000 and subsequently recovered, but buyers are struggling close to key resistance.
Key points of conversation
- The price of undulation declined heavily below support levels of $ 0.4800 and $ 0.4320 compared to the US dollar.
- XRP / USD traded below an important contractual triangle with support for $ 0.4800 on the 2-hour chart (data feed via Bitstamp).
- The XRP price is currently under recovery, but previous support near $ 0.4620 is preventing gains.
Ripple Price Forecast
There was a sharp U-turn in the ripple price from well above the $ 0.5000 level against the US dollar. The XRP / USD pair collapsed and broke support levels $ 0.4800 and $ 0.4320 to move to a bearish zone.
Looking at the chart, the price suffered a lot of pressure after breaking the $ 0.4800 support and the simple moving average at 100 (2 hours). The sellers took control and pushed the price under many supports, including $ 0.462.
Furthermore, there was a break below an important contracting triangle with $ 0.4800 support on the same chart. He opened the door for further losses and the price even broke the key support $ 0.4320.
It traded near the $ 0.4000 level and stood at a low of $ 0.3999. Subsequently, there was an upward recovery and the price rose above the levels of $ 0.400 and $ 0.4400. Buyers pushed the price above the 23.6% retracement level of the recent decline from the low of $ 0.5261 to $ 0.3999 low.
However, prior support for $ 0.4620 is acting as a solid barrier for buyers. In addition, Fibra's 50% retracement level of the recent decline from the low of $ 0.5261 to $ 0.3999 is close to $ 0.4620 to avoid gains.
Therefore, it will not be easy for buyers to push the price above the resistance of $ 0.4620. The next key resistance is close to the $ 0.4850 level, which was an important support previously.
Overall, the price of ripple is under a lot of pressure below $ 0.4620. If there is a new fall, the price could trade below the $ 0.4320 support again and test the $ 0.4000 support again.
Market data is provided by TradingView.
