Ripple Price Analysis: XRP/USD Pair Poised For Downside Break 

Ripple gets the first bank from Oman on its RippleNet platform

Ripple’s price has declined from the 0.5600 USD swing high with bearish movements against the USD. We can spot a primary bearish pattern in place with a significant resistance close to the 0.5300 level via the hourly chart. The pair may even decline further considering the fact that it has struggled. It could break downside to the 0.5200 USD support meaning more losses.

The price of Ripple’s XRP token is trading with the negative bias against Bitcoin and the USD. The XRP/USD pair could further extend declines if there’s a break beneath the 0.5200 USD support level.

Ripple Price Support

Note that there was actually a recovery wave initiated in the price of Ripple’s XRP token above the 0.5200 USD level against the USD. The price of the digital token soon moved above the 0.5400 USD and 0.5500 USD resistance levels. But, the upside shift was capped by the 0.5650 USD mark where sellers eventually appeared. A new high was created at the 0.5681 USD level before prices started a downside shift. Priced declined and even broke the 0.5500 USD support. There was a break below the 50 percent Fibonacci retracement level from the last leg beginning at 0.5030 USD and 0.5681 USD as well.

The decline got to the point that prices settled below 0.5400 USD and the 100-SMA. Currently, Ripple’s price is testing the 76.4 percent Fibonacci retracement level of the last decline from the 0.5030 USD low to the 0.5681 USD high. The 0.5200 USD support mark holds major importance for the move closest to the near term. Should a bearish break below 0.5200 USD occur, prices could drop back to the 0.5000 USD level to the near term. From the upside, a key bearish pattern is in place with resistance at 0.5300 via the hourly chart. From the chart, Ripple’s price remains at risk of more losses as long as prices stay below 0.540. Traders should not commit to any long-term plan yet.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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