Ripple Price Analysis: XRP/USD Following Downtrend Below $0.2760
Ripple price is trading in a bearish zone below $0.2845 and $0.2760. XRP to USD might slide further below $0.2665 if it fails to recover above $0.2760.
Key Takeaways: XRP/USD
- Ripple price is following a bearish path below the $0.2845 resistance area against the US Dollar.
- XRP/USD is facing a solid resistance near $0.2760 and a bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also struggling and trading well below the $8,860 and $9,020 resistance levels.
Ripple Price Analysis
This week, there was another decline in ripple and it broke the $0.2845 support level. XRP/USD even broke the $0.2800 support area to move further into a bearish zone.
Looking at the 2-hours chart, ripple price gained pace below $0.2800 and settled below the 50 simple moving average (2-hours, purple). A new monthly low was formed at $0.2665 and the price is currently correcting higher.
It climbed above the $0.2710 level and the 23.6% Fib retracement level of the recent decline from $0.2845 to $0.2665. However, there are many hurdles near the $0.2755 and $0.2760 levels on the upside.
Moreover, the 50 simple moving average (2-hours, purple) is also positioned near the $0.2755 level. Finally, the 50% Fib retracement level of the recent decline from $0.2845 to $0.2665 is near the $0.2755 level.
Therefore, ripple seems to be facing a solid resistance near $0.2760 and a bearish trend line on the same chart. If there is a successful close above the $0.2760 resistance and the 50 simple moving average (2-hours, purple), the price could recover further towards the $0.2845 resistance area.
An intermediate resistance is near the $0.2800 level, which is near the 76.4% Fib retracement level of the recent decline from $0.2845 to $0.2665. Conversely, the $0.2665 level is an initial support area.
If there is a downside break below the $0.2665 support area, there is a risk of more losses below the $0.2600 and $0.2540 levels. Overall, ripple price is facing an increase in selling and remains at a risk of a break below $0.2540.