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, 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.