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Ripple price is under pressure and declined below $ 0.3450 recently against the US Dollar. XRP / USD could continue to move down below $ 0.3000 or $ 0.2800.
Key Talking Points
- Ripple price recently broke the $ 0.3700 support to the bearish zone against the US Dollar.
- XRP / USD is following a major contracting triangle (declining) with resistance at $ .3420 on the 2-hours chart (Data feed via Bitstamp).
- XRP price may continue to move down to $ 0.3000 or $ 0.2800 support levels.
Ripple Price Forecast
After a decent recovery above $ 0.3800, a ripple price faced with solid resistance near $ 0.3995-0.4000 against the US Dollar. The XRP / USD pair started a significant downward move and traded below the $ 0.3700 and $ 0.3450 support levels.
The price is near the $ 0.3984 level and declined steadily. It broke a key connecting bullish trend line, with support at $ 0.3700 to enter a bearish zone. Sellers gained peace and pushed the price $ 0.3500 and the 100 simple moving average (2-hours).
Besides, the price is the 61.8% Fib retracement level of the last wave from the $ 0.3125 low to $ 0.3984 high. As the price is below $ 0.3620.
At the outset, the price is following a major contracting triangle (declining) with resistance at $ .3420 on the 2-hours chart. Sellers are currently pushing the price below the 76.4% Fib retracement level of the last wave from the $ 0.3125 low to $ 0.3984 high.
Therefore, the price could soon break the triangle support at $ 0.3200 and decline to $ 0.3125 low. In the mentioned case, the price will most likely break the $ 0.3125 low to test the $ 0.3000 support area.
More importantly, if bitcoin, Ethereum and litecoin continues to slide, may even break the $ 0.3000 support level. The next major stop for XRP buyers could be near the $ 0.2800 level. On the upside, the main resistances are near the $ 0.3450 and $ 0.3620 levels.
The market data is provided by TradingView.
