- Ripple price struggled to continue higher and declined below the $0.3100 level against the US dollar.
- The price is currently consolidating losses after it traded as low as $0.3038.
- There are two key bearish trend lines forming with resistance near $0.3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more downsides as long as there is no close above $0.3120.
Ripple price is trading with a bearish below key supports against the US Dollar and bitcoin. XRP price might soon test the $0.3000 support level if the bears remain in action.
Ripple Price Analysis
After topping near the $0.3320 resistance, ripple price declined steadily against the US Dollar. Ethereum price also declined recently below the $220 support, but bitcoin price remained stable near $11,800. The XRP/USD pair is following a bearish path and it recently broke the $0.3200 and $0.3120 support levels. Moreover, there was a break below the $0.3080 support. Finally, the price settled below the 100 hourly simple moving average and a swing low was formed near $0.3038.
At the moment, the price is correcting higher towards the $0.3080 level. However, there are many resistances near the $0.3080 and $0.3100 levels. Moreover, the 23.6% Fib retracement level of the main decline from the $0.3317 high to $0.3038 low is also near $0.3104. More importantly, there are two key bearish trend lines forming with resistance near $0.3100 on the hourly chart of the XRP/USD pair.