Ripple price tumbled below the $0.4320 support against the US Dollar. XRP/USD tested $0.4000 and later recovered, but buyers are struggling near key resistances.
Key Talking Points
- Ripple price declined heavily below the $0.4800 and $0.4320 support levels against the US Dollar.
- XRP/USD traded below a major contracting triangle with support at $0.4800 on the 2-hours chart (Data feed via Bitstamp).
- XRP price is currently recovering, but the previous support near $0.4620 is preventing gains.
Ripple Price Forecast
There was a sharp bearish U-turn in ripple price from well above the $0.5000 level against the US Dollar. The XRP/USD pair tumbled and broke the $0.4800 and $0.4320 support levels to move into a bearish zone.
Looking at the chart, the price came under a lot of pressure after it broke the $0.4800 support and the 100 simple moving average (2-hours). Sellers took control and pushed the price below many supports, including $0.462.
Besides, there was a break below a major contracting triangle with support at $0.4800 on the same chart. It opened the doors for more losses and the price even broke the key $0.4320 support.
It traded close to the $0.4000 level and formed a low at $0.3999. Later, there was an upside recovery and the price moved above the $0.4200 and $0.4400 levels. Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $0.5261 high to $0.3999 low.
However, the previous support at $0.4620 is acting as a solid barrier for buyers. Moreover, the 50% Fib retracement level of the recent decline from the $0.5261 high to $0.3999 low is also near $0.4620 to prevent gains.
Therefore, it won’t be easy for buyers to push the price above the $0.4620 resistance. The next key resistance is near the $0.4850 level, which was a major support earlier.
Overall, ripple price is under a lot of pressure below $0.4620. If there is a fresh decline, the price could trade below the $0.4320 support once again and retest the $0.4000 support.
The market data is provided by TradingView.
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