At the time of writing, Ripple is trading right below key resistivity against USD as well as Bitcoin. Ripple price might extend or even decline below $0.2680 and $0.2700 in the near-sighted future. The sources suggest that the price of Ripple will continue to fall until it gets a straight-forward break by reaching above $0.2760.
In the present week, the bearish trend of Ripple is still alive, and the resistance is around $0.2735 on XRP’s hourly chart. The source of information comes from Kraken. Moreover, Ethereum has still been consolidating, and it is cryptocurrency also prepares for an upside break.
Price analysis of Ripple this week
By the looks of it, the week has not been kind to ripple. Ripple is still in the downtrend, and it is at $0.2850 when putting against USD. In addition to this, Ripple did break several crucial supports around $0.2780 and currently settle down right below 100 hourly moving average. The last decline did also fain a pace that is below $0.2700, and now the price is trading monthly at $0.2668.
The analysts also saw the upside correction right above $0.2700 level. But, the price again went through extreme resistance when it was near $0.2760. Also, the hourly SMA of Ripple with this decline was around $0.2760. Ripple is not a complete lost cause as the cryptocurrency did see a high when it was near %0.2763, now the price of Ripple is currently declining. According to sources, Ripple trades presently below $0.2720 level after it began to test the retracement level of 50% Fib.
Now, the analysis suggests that Ripple’s retracement level did move from $0.2668 low to $0.2763 high. The only downside now is that Ripple has the immediate support of $0.2700 level. It is imperative to note that the level of fib retracement, which is around $61.8%, moves to $0.2668 low, and 0.2763 high is approximately $0.2700 area.
What would happen if Ripple’s price goes down again?
Further, if Ripple goes through a downside break and goes down below the designated support of $0.2700, then Ripple’s price will touch $0.2665. Further losses might push the price of Ripple even future below, i.e., around $0.2600. If this happens, then the following support area will be near $0.2540 level.
If Ripple goes through a complete and unadulterated break right above the trending line, then it would stabilize the price of Ripple. Moreover, Ripple also needs recovery time in the near-sighted future, and the 100 hourly SMA would grant the cryptocurrency a complete recovery. Some notable analysts have said that the forthcoming significant resistance of Ripple is near $0.2850 level.
The support levels of Ripple, as of now is around $0.2700, $0.2660, & $0.2600. At the same time that resistance levels of the cryptocurrency are $0.2740, $0.2750 & $0.2760. The price chart of Ripple suggests that the cryptocurrency is trading right in the bearish zone. It would be interesting to see how Ripple will do against Bitcoin and other cryptocurrencies like Litecoin and Ethereum.