The price of the ripple dropped recently and broke the support of $ 0.4265 against the US dollar. The XRP / USD breakdown below $ 0.3750 seems real and could trigger further losses.
Key Talking Points
- The price of undulation failed to contain gains and broke a crucial support of $ 0.4265 against the US dollar.
- C & # 39; is a small link The uptrend line was formed with support at $ 0.3430 on the 2-hour chart of the XRP / USD pair (Bitstamp data feeds).
- The pair is moving higher, but could find upward barriers near $ 0.3620 and $ 0.3672.
Ripple Price Forecast
In the final analysis, we discussed a crucial support near $ 0.4265 in Ripple's price against the US dollar. The XRP / USD broke the declared support and fell below $ 0.4000 and $ 0.3750.
Looking at the chart, the price even broke the support of $ 0.3400 and traded towards the $ 0.3180 level. Low was formed at $ 0.3199 and the price is currently correcting higher. Already beyond the Fiber retracement level, 23.6% of the last decline moves from the $ 0.4144 high to $ 0.3199 low.
In addition, there is a small uplinked uptrend line formed with support for $ 0.3430 on the 2-hour chart of the XRP / USD pair. As long as the price is above the trend line and $ 0.3400, it may continue to correct higher.
However, earnings could be kept close to the levels of $ 0.3620 and $ 0.3672. Immediate resistance is the 38.2% Fib retracement level of the last decline from the high $ 0.4144 to $ 0.3199 low to $ 0.3560.
The downside, if the price breaks the trend line and $ 0.3400, could resume its bearish move below the $ 0.3300 level. More importantly, if sellers gain traction, there are chances of further losses below $ 0.3199 low.
Overall, the breakdown of ripple prices below $ 0.3750 seems real and remains at risk of further declines. There could be short-term recoveries, which are likely to face obstacles near the levels of $ 0.3620 and $ 0.3672. The most important resistance is found near $ 0.3750, which is the 61.8% Fib retracement level.
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