Feb 17, 2019
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Ripple Price Weekly Analysis: XRP At Risk of Sharp Bearish Reaction

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  • Ripple price is struggling to clear the $0.3000 and $0.3100 resistance levels against the US dollar.
  • There is a crucial bearish trend line formed with resistance at $0.3000 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair must gain momentum above $0.3000 and the 100 simple moving average (4-hours) for more gains.
  • On the downside, a break below the $0.2940 support could trigger bearish moves in the near term.

Ripple price corrected lower after a decent upward move against the US Dollar and bitcoin. XRP/USD is likely to make the next move either above $0.3000 or below $0.2900.

Ripple Price Analysis

After forming a support near the $0.2850 level, ripple price made a nice upward move against the US Dollar. The XRP/USD pair rallied and broke the $0.3000 and $0.3150 resistance levels. The price traded close to the $0.3200 level, where sellers emerged. A high was formed at $0.3198 before the price started a downside correction. There was a sharp decline below the $0.3100 and $0.3000 support levels. Sellers pushed the price below the 50% Fib retracement level of the last wave from the $0.2853 low to $0.3198 high. Besides, there was a close below the $0.3000 level and the 100 simple moving average (4-hours).

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