Ripple Price Analysis: Will XRP Fall Back?

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Technical Indicators

Support Level – $0.2920

Resistance Level – $0.3050

  • Ripple price failed to hold the uptrend and fell underneath the $0.3080 support.
  • There is a key bearish pattern line formed with resistance around $0.3065 on the hourly chart.
  • XRP must remain over the $0.3000 support and the 100 hourly SMA to rise again.

Ripple price is currently being attacked by bears after a significant bullish trend against the US Dollar and Bitcoin. XRP is at the danger of a sharp decline if the 100 hourly SMA and $0.3000 is broken.

Ripple Price Analysis

The ongoing uptrend in bitcoin and Ethereum helped ripple price in moving above $0.3000 against the US Dollar. XRP broke the $0.3100 resistance level and started rising towards the $0.3200 level and later the price revised lower. It moved underneath the $0.3150 support. The price even broke the $0.3000 support once and tested the 100 hourly SMA.

XRPUSD Price Chart

XRPUSD Price Chart

Right now, it appears as though the 100 hourly SMA is proving to be solid support for Ripple price above $0.3000. There are numerous resistances on the upside around $0.3050. Also, there is a bearish pattern line formed with resistance around $0.3065 on the hourly chart. The pair needs to break the $0.3050 resistance and the bearish pattern line to start gains. If it is unable to do so, there is a danger of a sharp break beneath the $0.3000 support.

Taking a look at the chart, Ripple price has found solid support around the 100 hourly SMA. If this support is broken, XRP could fall towards $0.2900. After this support, the next support for XRP lies around $0.2920 and $0.2900.

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