Ripple price is following a bearish structure below the $0.3185 support level. XRP/USD could correct higher, but it could resume its decline below $0.3070 and $0.3050.
- Ripple price broke the key $0.3185 and $0.3140 support levels to move into a downtrend.
- There is a major bearish trend line formed with resistance near $0.3160 on the 30-minute chart.
- XRP could correct higher, but it is likely to struggle near $0.3120, $0.3140 and $0.3160.
Ripple Price Analysis
After a strong rejection near the $0.3320 level, ripple price started a downward move. XRP broke key supports near $0.3250 and followed a declining structure similar to bitcoin, Ethereum, BCH, EOS and other altcoins.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair declined below the key $0.3200 and $0.3185 support levels after forming a swing high at $0.3229. The price even broke the $0.3140 support level and the 25 simple moving average (30-minute chart).
Finally, there was a break below the $0.3120 support and the price tested the $0.3070…