Ripple Price Analysis: XRP/USD Decline Could Accelerate

Ripple price nosedived and broke the $0.3100 range support against the US Dollar. XRP/USD is likely to extend the current decline back towards the $0.2400 low.

Key Talking Points

·         Ripple price declined heavily after it broke the $0.3100 range support against the US Dollar.

·         There was a break below a significant bullish trend line with support at $0.3350 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).

·         XRP price is currently trading below $0.3000 and it could break the $0.2650 support in the near term.

Ripple Price Forecast

There was a broad range formed above the $0.3100 level in Ripple price against the US Dollar. The XRP/USD pair recently faced a lot of selling pressure, resulting in a downside break below the $0.3100 range support.

Looking at the chart, the price started a downside move from the $0.3410 swing high. It broke the $0.3000 support and the 100 SMA (2-hours) to enter into a bearish zone.

More importantly, there was a break below a significant bullish trend line with support at $0.3350 on the 2-hours chart of the XRP/USD pair. The pair tumbled and broke the $0.3100, $0.3000 and $0.2900 support levels.

It even cleared the $0.2750 support and traded as low as $0.2688. It later corrected higher and tested the 23.6% Fib retracement level of the last decline from the $0.3413 high to $0.2688 low.

It seems like the price is facing sellers near the $0.2840-50 zone. If there are more gains above $0.2850, the price may trade towards the $0.3050 resistance, which is the 50% Fib retracement level of the last decline from the $0.3413 high to $0.2688 low.

Above $0.3050, the price is likely to revisit the $0.3100 zone, which was the previous range support and now a major hurdle for buyers.

Once the current correction is over, ripple price is likely to resume its slide below the $0.2688 low. It could even break the $0.2650 support and test the next support at $0.2400 in the near term.

The market data is provided by TradingView.

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