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The price of the ripple struggled to cancel the resistance of $ 0.4000 and subsequently fell below $ 0.3850. The XRP must maintain support from $ 0.3600 to recover soon.
- The price of the ripple seems to be facing a strong selling interest near the resistance area of $ 0.4000.
- Recently, there was a break below a bullish trend line with support for $ 0.3750 on the 30-minute chart.
- The XRP must exceed the resistance levels of $ 0.3850 and $ 0.4000 to trade towards $ 0.4500.
Price analysis of undulations
After reaching a minimum of $ 0.3387, the ripple price started a bullish move above $ 0.3850. The XRP passed the resistance of $ 0.3950, but failed to test the obstacle from $ 0.4000.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded at $ 0.3996 and thereafter started a new decline. It has moved below the $ 0.3900 support and Fib 23.6% retracement level of the last stage from the low of $ 0.3387 to $ 0.3996 maximum.
More importantly, there was a close under $ 0.3850 support and a simple 25-minute (30-minute) average. Also, there was a break below a bullish trend line with support for $ 0.3750 on the same chart.
The price dropped below $ 0.3700 and tested the 50% Fibra retracement level of the last leg from $ 0.3387 to $ 0.3996. The current price action is slightly bearish and indicates that the price may continue to be difficult.
On the downside, immediate support is $ 0.3605, below which there is a risk of further decreases to support levels of $ 0.3500 and $ 0.3450.
On the upside, the price must break the $ 0.3800 level and a bearish link trend line at $ 0.3850 on the same chart. A positive closing above $ 0.3850 and $ 0.3900 could open the door to another push towards the $ 0,4000 barrier.
Overall, the ripple price seems to be stuck between the $ 0.4000 resistance and the $ 0.3605 support. Therefore, XRP may soon make the next move above $ 0.4000 or $ 0.3450. Below $ 0.3450, the price could also test the $ 0.3387 short-term minimum.
Market data is provided by TradingView, Bitfinex.
