Ripple price extended losses below the $0.3200 support level. XRP is still trading in a bearish zone and it may decline further unless buyers clear the $0.3240 resistance level.
- As discussed yesterday, ripple price declined further below the $0.3200 support.
- There is a crucial bearish trend line in place with resistance at $0.3230 on the 30-minute chart.
- XRP price must clear $0.3230 and $0.3240 to start a decent rebound in the near term.
Use the Cryptohopper Platform to Trade XRP
Ripple Price Analysis
Yesterday, we saw a bearish pattern in ripple price, with a double top pattern near the $0.3265 resistance level. XRP remained in a downtrend and broke the $0.3200 support level to trade to a new weekly low at $0.3183.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair declined from the $0.3266 high to $0.3183 low before starting a short term upside correction. It moved above the $0.3210 level and the 25 simple moving average (30-minute chart).
During the recent correction, the price traded above the 50%…