Technical Indicators:
Support Level: $0.3080
Resistance Level: $0.3150
Key Points:
- XRP price was not able to break the major resistance at $0.3200 and thus started to fall downwards.
- Due to the downward pressure, XRP price broke the $0.3140 support level and moved below $0.3100.
- Ripple is under massive selling pressure and could soon test the next major support at $0.3080.
XRP price is moving downwards against both USD as well as bitcoin. If Ripple breaks beneath the 100 hourly SMA and $0.3080 support, it might crash towards $0.3000.
XRP Price Analysis
Recently, XRP price started a bullish momentum following bitcoin and other major altcoins. However, Ripple faced a lot of selling pressure at around $0.3200 resistance level. After reaching up to $0.3196, Ripple started a downfall breaking the major support at $0.3150. Once this support was broken, the overall momentum turned bearish. Massive selling pressure even broke the $0.3120 support.
The current major support is around $0.3080 where the 100 hourly SMA also lies. A lot of buyers are placed at this point. However, if XRP price breaks beneath this range, it is probably going to crash hard towards $0.3000. A new major resistance is formed around $0.3150 and XRP price needs to break this resistance in order to start a fresh upside correction. If this resistance is broken, XRP will again test the resistance around $0.3200.
The chart shows that Ripple price is currently falling towards a very critical support level at $0.3080. If the support is broken, it could be devastating for the price of XRP. Buyers need to strengthen and push the price upwards to break the $0.3150 resistance level in order to start a fresh incline pattern.
