Ripple Price Analysis: XRP/USD Primed For More Losses In Short Term
Ripple price remained in a bearish zone and declined below the $0.2705 support area. XRP to USD is facing an increase in selling pressure and it could continue to slide if it breaks $0.2610.
Key Takeaways: XRP/USD
- Ripple price is showing a few bearish signs below $0.2800 and $0.2700 against the US Dollar.
- XRP/USD traded below a major ascending channel with support near $0.2760 on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also struggling and it could decline heavily below $9,500.
Ripple Price Analysis
After a close below the $0.3000 level, ripple price started a steady decline. XRP to USD broke a few important supports near the $0.2850 and $0.2800 levels to enter a bearish zone.
Looking at the 2-hours chart, ripple price even settled below the $0.2800 pivot area and the 50 simple moving average (2-hours, purple). It opened the doors for more losses below $0.2760.
Moreover, the price traded below a major ascending channel with support near $0.2760 on the same chart. Finally, the price traded as low as $0.2609 and it is currently correcting higher.
On the upside, an initial resistance is near the $0.2666 level. It coincides with the 23.6% Fib retracement level of the recent slide from the $0.2852 high to $0.2609 low. On the upside, there are many hurdles for the bears near the $0.2700 and $0.2705 level.
The main resistance on the upside is near the $0.2730 level. It coincides with the 50% Fib retracement level of the recent slide from the $0.2852 high to $0.2609 low. Besides, the 50 simple moving average (2-hours, purple) is positioned near the $0.2740 level.
Therefore, ripple price must climb above the $0.2705 and $0.2740 resistance levels to start a decent increase in the coming sessions.
Conversely, XRP price could might continue to move down below the $0.2640 level. The main support is near the $0.2600 area, below which the bears are likely to aim a larger decline towards the $0.2500 area in the near term.
Overall, the bears seem to be in control below $0.2740 and ripple might slide further below $0.2600.