Ripple (XRP) Price Analysis: Consolidation Below Key Resistance

Ripple price failed to surpass the $0.4000 resistance and declined below $0.3800. XRP/USD is currently trading in a range above the $0.3530 and $0.3350 support levels.

  • Ripple price struggled to surpass the $0.3980 and $0.4000 resistance levels.
  • There was a break below a connecting bullish trend line with support at $0.3780 on the 30-minute chart.
  • XRP price is currently holding the $0.3530 and $0.3350 support levels.

Ripple XRP Price

Ripple Price Analysis

Yesterday, there was a minor recovery above the $0.3700 level in ripple price. Buyers pushed the price above the $0.3800 level, but they struggled to clear the $0.3980 and $0.4000 resistance levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3989 and later started a downside move. It broke the $0.3800 support and settled below the 25 simple moving average (30-minute).

During the decline, there was also a break below the $0.3700 level and the 50% Fib retracement level of the last wave from the $0.3290 low to $0.3989 high. Moreover, there was a break below a connecting bullish trend line with support at $0.3780 on the same chart.

The price tested the $0.3530 support where buyers emerged. An intraday low was formed at $0.3460 and later the price bounced back above $0.3530. It tested the $0.3700 level, which acted as a resistance along with the 25 simple moving average (30-minute).

Furthermore, the 50% Fib retracement level of the recent decline from the $0.3989 high to $0.3460 low also acted as a resistance. At the moment, the price is consolidating above the $0.3530 support, with a minor bullish angle.

To initiate a decent upward move, the price must move above the $0.3650 level, a bearish trend line, and finally $0.3700. However, the main hurdles for buyers are near $0.3860 and $0.3900, above which the price could test the $0.4000 barrier.

Overall, ripple price is currently consolidating above the $0.4530 support. If there are more declines, XRP could test the next major support at $0.3350.

The market data is provided by TradingView, Bitfinex.

The post Ripple (XRP) Price Analysis: Consolidation Below Key Resistance appeared first on Blockonomi.

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