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The price of the ripple collapsed and broke the support of the $ 0.3100 range against the US dollar. The XRP / USD should extend the current contraction towards the minimum of $ 0.2400.
Key discussion points
· The price of the ripple declined heavily after breaking the support of the $ 0.3100 range against the US dollar. [19659005] · There was an interruption below a significant uptrend line with support of $ 0.3350 on the 2-hour chart of the XRP / USD pair (data flow via Bitstamp ).
· [19659004] The XRP price is currently trading below $ 0.3000 and could break support for $ 0.2650 in the near term.
Ripple Price Forecast
A wide range has been formed above the $ 0.3100 level in Ripple's price against the US dollar. The XRP / USD pair recently faced a lot of selling pressure, causing a bearish break below the $ 0.3100 range support.
Looking at the chart the price started downward movement from $ 0.3410 swing. He broke the $ 0.3000 support and the 100 SMA (2 hours) to enter a bearish zone.
More importantly, there was a rupture under a significant uptrend line with support for $ 0.3350 on the 2-hour chart of the XRP / USD pair. The pair collapsed and broke support levels of $ 0.3100, $ 0.3000 and $ 0.2900.
He even zeroed the support of $ 0.2750 and traded at $ 0.2688. Later it was corrected higher and the Fib retracement level tested 23.6% from the low of $ 0.3413 to $ 0.2688 low.
Looks like the price is facing sellers near the $ 0.2840-50 zone. If there are more earnings above $ 0.2850, the price can trade towards the resistance of $ 0.3050, which is the 50% retracement level of Fibra's last decline from $ 0.3413 high to $ 0 , 2688 low.
Above $ 0.3050, the price is likely to revisit the $ 0.3100 zone, which was the previous support for the range and now a major stumbling block for buyers.
Once the current fix is over, the ripple price should resume its slip below the $ 0.2688 minimum. It could even stop the support of $ 0.2650 and test the next support at $ 0.2400 in the short term.
Market data is provided by TradingView.
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