The price of ripples declined under significant support at $ 0.4260 compared to the US dollar. The XRP / USD is correcting higher, but remains to sell in rallies close to $ 0.4230 and $ 0.4260.
Key take away:
- Ripple buyers failed to keep the price above the support zone by $ 0.4260-0.4275.
- The XRP / USD fell below a contract triangle at $ 0.4230 on the 2-hour chart.
- The XRP price has become bearish and remains to be sold in rallies close to $ 0.4230 and $ 0.4260.
Ripple Price Analysis
In recent days, the ripple price has attempted a rupture above the $ 0.4500 and $ 0.4450 resistance levels against the US dollar. The XRP / USD has formed many lower highs such as close to $ 0.4550, $ 0.4520, $ 0.4500 and $ 0.4400. The 2-hour chart indicates that the price failed to gain traction above $ 0.4500 and $ 0.4450 resistance levels, resulting in a large bearish break. The price has plummeted and broke some major media like $ 0.4275, $ 0.4260 and $ 0.4230.
He opened the gates for further losses and the price traded under the support of $ 0.4050. During the slide, there was a break below a contract triangle support for $ 0.4230 on the 2-hour chart. A new monthly minimum was set at $ 0.400 before the price started an upward move.
The XRP is currently increasing and trading near the Fib retracement level of 23.6% from the last major decline from the low of $ 0.4451 to $ 0.4010 low.
At the outset, it appears that the price can further correct above the $ 0.4120 level in the short term. However, there is significant resistance waiting near the levels of $ 0.4231 and $ 0.4260. The 50% fiber retracement level of the last sharp drop from the low of $ 0.4451 to $ 0.400 is $ 0.4231 to serve as a strong barrier for buyers.
In addition, the triangle's upper trendline is positioned near $ 0.4260 to avoid a bullish break. Therefore, short-term recoveries in the price of ripples are likely to be limited to about $ 0.4231-0.4260. Above this, the price will most likely recover over $ 0.4500.
On the downside, immediate support is at $ 0.4050, below which the price could break the $ 0.4000 support for prolonged losses in the short term.
Undulation price analysis: bearish bearish XRP / USD below $ 0.4200  Description
The price of undulations dropped below a major support at $ 0.4260 compared to the US Dollar. The XRP / USD is correcting higher, but remains to sell in rallies close to $ 0.4230 and $ 0.4260.