Ripple price extended declines below $0.3150 and $0.3120. XRP/USD could revisit the $0.3100 support before it could stage a decent comeback in the near term.
- Ripple price declined further below the $0.3150 support and the $0.3140 pivot.
- There is a major declining channel in place with resistance at $0.3180 on the 30-minute chart.
- XRP price could rebound in the short term as long as it is above the $0.3100 support.
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Ripple Price Analysis
After two failed attempts to clear the $0.3250 resistance, ripple price started a downward move. XRP broke the $0.3200 support level to enter a short term bearish zone. Recently, there was a bearish extension, leading to more losses in bitcoin, ripple, Ethereum and other cryptocurrencies.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair failed to stay above the $0.3155 and $0.3150 support levels. It extended losses and traded below the $0.3140 pivot plus the $0.3120 support level. A new weekly low was formed at $0.3112 and the price…