Ripple price started a fresh decline and settled below the $0.3000 pivot area. XRP to USD is correcting higher, but it is likely to fail near $0.2940 and continue lower.
Key Takeaways: XRP/USD
- Ripple price is trading in a bearish zone below the $0.2940 and $0.3000 resistance levels against the US Dollar.
- XRP/USD is following a key bearish trend line with resistance near $0.2910 on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is facing an increase in selling pressure below $9,800.
Ripple Price Analysis
After a strong rise above $0.3400, ripple price failed to hold gains. As a result, XRP to USD declined heavily below the $0.3250 and $0.3000 support levels to move back into a bearish zone.
Looking at the 2-hours chart, ripple price settled below the $0.3000 level and the 50 simple moving average (2-hours, purple). The decline was such that the price spiked below the $0.2800 level and traded as low as $0.2689.
Recently, there was a minor upside correction above the $0.2720 and $0.2820 levels. The price even recovered above the 23.6% Fib retracement level of the downward move from $0.3188 to $0.2689.
However, the upward move was capped by the $0.2900 and $0.2920 resistance levels. Besides, ripple price is following a key bearish trend line with resistance near $0.2910 on the 2-hours chart.
The price failed to clear the 50% Fib retracement level of the downward move from $0.3188 to $0.2689. It is now declining and trading below the $0.2850 level.
The current price action suggests chances of more losses below the $0.2720 level. If the bulls fail to protect the $0.2700 support, there is a risk of a sharp decline in the coming sessions.
Conversely, ripple price could start a decent upward move above the $0.2920 and $0.2940 resistance levels. The main hurdle is still near the $0.3000 level and the 50 simple moving average (2-hours, purple), above which the bulls are likely to gain pace.
Overall, the trend is short term bearish and the price could extend losses below $0.2750 and $0.2720.
