Ripple XRP Price Analysis: Selling Rallies A Good Deal

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.

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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%…