Ripple price corrected higher, but struggled to continue above $0.4120. Bitcoin is currently down more than 9%, but XRP to USD is still holding the main $0.3900 support area.
- There was another test by ripple price of the main $0.3900 support.
- A crucial bearish trend line is in place with resistance near $0.4105 on the 30-minute chart.
- XRP must stay above the $0.3900 support to start a decent recovery in the near term.
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Ripple Price Analysis (XRP to USD)
In the past two sessions, there was a strong decline in bitcoin price below $10,500. BTC is down close to 10%, but ripple and Ethereum managed to stay above yesterday’s swing low. XR/USD stayed above the $0.3900 support area and it is currently correcting higher.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair retested the key $0.3900 support area recently and managed to climb back above $0.4000. There was a break above the $0.4050 level and the 25 simple moving average (30-minute chart).
However, the price struggled to continue higher and formed a swing high at $0.4125. It is currently moving lower and broke the $0.4020 level. Moreover, there was a clear break below the 50% Fib retracement level of the recent leg from the $0.3905 low to $0.4125 high.
The price is now trading below the $0.4000 level and the 25 simple moving average (30-minute chart). An immediate support is near the $0.3950 level plus the 76.4% Fib retracement level of the recent leg from the $0.3905 low to $0.4125 high.
If there are more losses, the price could revisit the main $0.3900 support zone. If the bulls fail to defend the $0.3900 support, there could be sharp downsides in the near term.
The next support is at $0.3780, followed by $0.3750. Any additional losses might push the price towards the $0.3650 support area.
On the upside, there are many barriers for ripple price near the $0.4050 and $0.4100 levels. There is also a crucial bearish trend line in place with resistance near $0.4105 on the same chart. Therefore, a convincing break above $0.4100 and $0.4125 is needed for a decent rebound.
The market data is provided by TradingView, Bitfinex.