The price of the ripple is under a lot of pressure below the pivot level of $ 0.2850 compared to the US dollar. The XRP / USD may continue to fall towards the support zone by $ 0.2420.
Key take away
- The price of the ripple is traded in a bearish zone below the resistances of $ 0.2850 and $ 0.3000.
- XRP / USD is trading a declining channel with a resistance of $ 0.2700 on the 4-hour chart.
- The XRP price will likely extend the current decline to technical support of $ 0.2420.
Undulation price analysis
After a fair recovery of $ 0.2675 low swing, the ripple price suffered a strong selling interest close to the $ 0.3080 level against the US dollar. The XRP / USD started a new bearish move and broke support levels by $ 0.3000 and $ 0.2850.
The 4-hour chart indicates that the price has also stabilized below the pivot level of $ 0.2850 and is currently trading well below the 100 simple moving average (4 hours). The current drop seems strong as the price also broke the last swing at $ 0.2675.
is a clear downward trend visible on the chart with immediate support near the $ 0.2580 level and the last wave of 1.236 Fib extension from the low of $ 0.2675 to $ 0.3075 high. If sellers remain in stock, the price may even break the $ 0.2580 support to test $ 0.2500.
More importantly, there is a declining channel with resistance at $ 0.2700 on site in the same chart. Once the price breaks the support of $ 0.2580 and the channel, it could slip to the technical support of $ 0.2420.
Support for $ 0.2420 quoted is the 1.618 Fib extension level of the last wave from $ 0.2675 lower to $ 0.3075 at the top. On the other hand, if the price corrects above the resistance of the channel and $ 0.2750, it could face a strong selling interest close to the pivot level of $ 0.2850.
Above $ 0.2850, there is a bearish trend line in place with resistance at $ 0.2900. Therefore, only a successful closing above the resistance of $ 0.2900 and $ 0.3000 could open the door to a decent recovery in the short term.
Overall, the ripple price remains lower and as low as $ 0.2850, it may fall to the $ 0.2420 technical level.
Also, read: Ripple & # 39; s Battleplan in Action: RippleNet, xRapid and xCurrent in Great Demand