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The price of ripple is following a bearish path from the $ 0.3850 high swing. The XRP / USD was trading below the support of $ 0.3580 and could accelerate losses below $ 0.3450.
- The price of the ripple stabilized below support levels of $ 0.3690 and $ 0.3580.
- There is an important declining channel formed with resistance at $ 0.3530 on the 30-minute chart.
- The XRP price is ready to break the $ 0.3450 level and extend losses to $ 0.3350 or $ 0.3200.
Price analysis of undulations
Yesterday we discussed the fact that sellers are spotting a downside break below $ 0.3580 in ripple. Recently, there was an increase in selling pressure and the price was trading under the supports of $ 0.3580 and $ 0.3500.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair started a major downtrend from the low of $ 0.3850. Many very high levels were formed close to the levels of $ 0.3760, $ 0.3700, $ 0.3660 and $ 0.3600, resulting in a continuous decline.
The price recently broke the support of $ 0.3580 and the 25-minute (30-minute) moving average. A new weekly low has been formed close to $ 0.3460 and it seems that the price is currently in a major downtrend from $ 0.3850.
On the upside, the first resistance approaches the Fib retracement level of 23.6% from the recent decline from $ 0.3665 to $ 0.3460 low. More importantly, there is a major declined channel formed with resistance at $ 0.3530 on the same chart.
Above the resistance of the channel, the next crucial resistance approaches the level of $ 0.3580 (previous support). The resistance of $ 0.3580 also coincides with the Fibra 50% retracement level of the recent decline from the low of $ 0.3665 to $ 0.3460 low.
Therefore, if the price corrects higher above $ 0.3500, it is likely to make a strong resistance near the $ 0.3580 level. On the downside, if sellers push the price below $ 0.3460 low, there could be more losses towards the $ 0.3350 support.
The main support is close to the $ 0.3200 level, which must contain the drop in the price of ripple. Overall, XRP is facing an increase in selling pressure of less than $ 0.3580 and may continue to fall towards the support level of $ 0.3350 or $ 0.3200.
Market data is provided by TradingView, Bitfinex.
