Ripple Price Analysis: XRP/USD Nosedives Below Key Support
Ripple price started a nasty decline from the $0.3148 swing high. XRP to USD is currently retreating from $0.2739, but it is likely to face an increase in selling pressure.
Key Takeaways: XRP/USD
- Ripple price is facing a lot of hurdles on the upside near $0.2940 and $0.2950 against the US Dollar.
- XRP/USD broke the key support near $0.2950 and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is also declining and it is likely to test the $9,000 and $8,960 support levels.
Ripple Price Analysis
This week, there was a steady rise in ripple above the $0.2950 resistance level. XRP/USD jumped in the past few sessions and rallied above the $0.3050 and $0.3085 levels.
Looking at the 2-hours chart, ripple price even traded above the $0.3100 level and settled well above the 50 simple moving average (2-hours, purple). A new monthly high was formed at $0.3148 before the price started a sharp decline.
Ripple dived below many supports including $0.3050 and $0.3000. Moreover, the price broke the key support near $0.2950 and a bullish trend line on the same chart.
The decline was strong as there was a break below the $0.2840 support area. Finally, the price spiked below the $0.2800 level and a low was formed near $0.2739. At the outset, the price is correcting higher and it is trading above the $0.2840 level.
There was a break above the 23.6% Fib retracement level of the recent decline from $0.3148 to $0.2739. On the upside, there are many hurdles near the $0.2940 and $0.2950 levels.
Besides, the 50% Fib retracement level of the recent decline from $0.3148 to $0.2739 is near the $0.2950 level to act as a resistance. The main resistance is near the $0.2975 level and the 50 simple moving average (2-hours, purple).
Therefore, a clear break above the $0.2950 and $0.2975 is needed for a fresh increase in the near term. Conversely, the price could resume its decline below the $0.2840 support area. The main support below $0.2840 is near the $0.2750 level.