Today, the Ripple price is trading below $0.30. The XRP seems to be jumping the couch and showing strange behavior. Now, to bounce back, it must again touch $0.30 to continue a fresh increase in the coming session. The Ripple price dropped after clearing the $0.3000 support against the US dollar.
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Ripple Price Analysis: XRP encountered Selling Pressure
The Ripple price declined heavily and touched $0.26 and at the time of writing this article, it is currently correcting losses. Two lines with resistance could be near $0.2948 and $0.3000 on the hourly chart of the XRP/USD pair. The day’s range is between 0.26955 — 0.29538. In the past few sessions, the price declined by −0.01759 (−6.00%).
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Ripple Price Analysis: Will XRP bounce back?
At this moment, it is difficult to predict the XRP price recovery. For example, if the bulls don’t go above $0.2950 then there is a chance of more losses. The first resistance is at the $0.28. The summary of Ripple price is based on Moving Averages, Oscillators and Pivots. Major Support Levels are $0.28, $0.27 and $0.2679. Major Resistance Levels are $0.2938, $0.2949 and $0.3000. The Relative Strength Index is 51.55.
Conclusion
In our last analysis, we had said that XRP was showing a great buying momentum. It was not in the range of strong buy but 0.23% growth was indicating a solid growth ahead for Ripple. At the moment, the 50% Fib retracement level drop from the $0.31 to $0.26 is the major hurdle for Ripple price. Hence, the bulls must touch $0.29 resistance to drive the price back into a positive zone.
The Ripple opening price was $0.292 at the starting of the day. In the first 5 hours, the XRP went through a descending inclination to drop more than 7% and got settled at $0.26, the weakest apex of the day.