Ripple Price Analysis: XRP/USD Remains Sell Near $0.3200

Key Highlights

  • Ripple price fell heavily and broke the $0.3200 and $0.3000 support levels against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in a major downtrend and recoveries remain capped near $0.3100 and $0.3200.

Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD may recover in the short term, but upsides remain capped near $0.3200.

Ripple Price Analysis

The past few hours were very bearish as ripple price traded below the $0.3300 and $0.3200 supports against the US Dollar. The XRP/USD pair even broke the $0.3000 support and it is currently well below the 100 hourly simple moving average. The decline was such that buyers failed to hold the $0.2950 support. A new monthly low was formed at $0.2883 and the price is currently consolidating losses.

An initial resistance is near the 23.6% Fib retracement level of the…

Read Full Story : NewsBTC

2018-12-07 07:30:52

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