Ripple price failed to break the $0.3180 resistance and declined recently. XRP is under pressure and it may continue to move down towards $0.3000 or $0.2950.
- Ripple price is trading with a bearish angle below the $0.3100 and $0.3170 resistances.
- There is a declining channel in place with resistance at $0.3060 on the 30-minute chart.
- XRP remains at a risk of more losses towards $0.3000 or $0.2950.
Ripple Price Analysis
There were many failures in ripple price near the $0.3170 and $0.3180 resistance levels. XRP declined recently and broke the $0.3100 and $0.3070 support levels to move into a bearish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled below the $0.3070 pivot level and the 25 simple moving average (30-minute). It traded as low as $0.3011 and later started a short-term upside correction.
The price is currently testing the 23.6% Fib retracement level of the recent slide from the $0.3188 high to $0.3011 low. Moreover, there is a declining channel in place with resistance at $0.3060 on the same chart.
The current price action suggests that the price may perhaps break the channel resistance and $0.3070. However, there are many resistances on the upside near the $0.3100 and $0.3120 levels.
Besides, the 50% Fib retracement level of the recent slide from the $0.3188 high to $0.3011 low is near the $0.3100 level to act as a solid hurdle for buyers. If there is a break above the $0.3100 and $0.3120 resistance levels, the price could test the all-important $0.3170-0.3180 resistance zone.
As long as the price is trading below the $0.3170-0.3180 resistance zone, it remains in a downtrend. An initial support is at $0.3020, below which there is a risk of a drop below the $0.3000 support.
Overall, ripple price is trading in a negative zone below $0.3100 and $0.3120. There could be short-term bullish moves in XRP, but upsides are likely to be capped near the $0.3170-0.3180 resistance zone. On the downside, the key supports are $0.3020, $0.3000 and $0.2950.
The market data is provided by TradingView, Bitfinex.
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