- Ripple price declined sharply after it broke the key $0.2900 support area against the US dollar.
- The price is down more than 10% and even tumbled to test the $0.2350 level.
- A short term breakout pattern is forming with resistance near $0.2685 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate its decline once it breaks the $0.2580 and $0.2500 support levels.
Ripple price is down and out against the US Dollar and bitcoin. XRP price is now trading in a crucial downtrend, with chances of more downsides towards the $0.2400 level.
Ripple Price Analysis
Yesterday, we saw bearish moves in bitcoin, but ripple price remained stable above $0.2900 against the US Dollar. However, the XRP/USD pair failed to hold the $0.2920 and $0.2900 support levels. As a result, there was a sharp decline below the $0.2800 and $0.2720 support levels. The price declined more than 15% in the past few sessions and spiked sharply below $0.2500. A new swing low was formed near $0.2350 and the price recently corrected higher.
It broke the $0.2500 level plus the 50% Fib retracement level of the recent drop from the $0.2975 high to $0.2336 low. However, the price is facing a lot of hurdles on the upside near the $0.2700 level. At the outset, there is a short term breakout pattern is forming with resistance near $0.2685 on the hourly chart of the XRP/USD pair. Above the triangle resistance, the next resistance is near the $0.2740 level.