Ripple price fell significantly and declined below $0.3400. XRP/USD traded towards the $0.3200 support and later bounced back sharply.
- Ripple price is currently recovering above the $0.3400 and $0.3600 levels.
- There was a break above a major bearish trend line with resistance at $0.3750 on the 30-minute chart.
- XRP price tested the $0.4000 resistance and it is currently correcting lower.
Ripple Price Analysis
During the past three days, there was a sharp downside move below $0.4200 in ripple price. Bitcoin price also declined below the $4,000 support, igniting bearish pressure on XRP/USD below the $0.4000 support.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair declined below the $0.3600 and $0.3400 support levels plus settled below the 25 simple moving average (30-minute). It traded close to the $0.3200 support area and formed a low at $0.3295.
Later, there was a sharp upside correction and the price moved back above the $0.3400 and $0.3600 resistance levels. Moreover, there was a test of the $0.4000 barrier and the price settled above the 25 SMA.
During the rise, there was a break above a major bearish trend line with resistance at $0.3750 on the same chart. A high was formed at $0.3991 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the recent wave from the $0.3290 low to $0.3991 high.
However, there is a strong support near the $0.3650 level and a bullish trend line on the same chart. Moreover, the 50% Fib retracement level of the recent wave from the $0.3290 low to $0.3991 high is also near $0.3640.
Therefore, dips towards the $0.3640 and $0.3600 levels remain supported. Having said that, the price must break the $0.3950 and $0.4000 resistance levels to start a solid recovery in the near term.
Overall, ripple price declined heavily and later recovered from the $0.3200 support area. The current price action is positive for XRP, but buyers need to gain strength above the $0.4000 level to push the price towards $0.4500.
The market data is provided by TradingView, Bitfinex.
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