Aug 30, 2019
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Ripple Price (XRP) Showing Signs of Further Weakness

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  • Ripple price recovered recently, but it failed to break the $0.2600 resistance area against the US dollar.
  • The price is currently moving lower and remains at a risk of more downsides below $0.2500.
  • Yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The current technical structure suggests more downsides as long as the price is below $0.2620.

Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could trade to a new monthly low if it continues to struggle below $0.2600.

Ripple Price Analysis

Yesterday, there was a sharp decline in ripple below the $0.2600 and $0.2580 supports against the US Dollar. The bears took control and pushed the price below the $0.2500 support level. Moreover, the price settled below the 100 hourly simple moving average and traded to a new monthly low at $0.2460. Recently, there was an upside correction above the $0.2500 and $0.2520 levels.

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