Bears Aim Test Of $0.29 In Ripple Price Analysis - 2023

Along the same lines as bitcoin, the price of XRP has dropped below $0.350 when measured against the US Dollar. In order to prevent further price declines in the short term, the XRP price must maintain a position higher than $0.3000.

Detailed examination of the Ripple price

The price of ripple started a new uptrend against the US Dollar when it established a support level in the region of $0.3310 earlier today. It was finally possible for the XRP/USD pair to break over the $0.3500 resistance zone.

Even more significantly, the price breached the $0.3550 barrier of resistance as well as the 55 SMA (4-hours). On the other hand, there was no breakout above the $0.3700 resistance zone. Before there was a fresh drop, a high was formed close to $0.3706, but it has since fallen. As a result, the price dropped below the support level of $0.3500.

There was a discernible movement below the $0.3400 level, as well as the 55 simple moving average (4-hours). The price of the pair reached a low of $0.3194 during trading and is currently trying to recover some of its previous losses.

Near the $0.3315 area, the price is meeting sellers who are prepared to put up barriers to further gains. It is currently trading close to the 23.6% Fibonacci retracement level of the most recent downturn, which began at the swing high of $0.3706 and ended at the low of $0.3194. The following significant barrier can be seen close to the $0.3400 level. On the 4-hour chart of the XRP/USD pair, there is also a key negative trend line forming with resistance near $0.3400. This line of resistance is located near $0.3400.

It is quite close to the 50% Fib retracement level of the most recent downturn, which started at the swing high of $0.3706 and ended at the low of $0.3194. A fresh surge could begin following a decisive move that is greater than the resistance zones located between $0.3400 and $0.3450.

In the scenario described, the price may even break over the $0.350 barrier that has been preventing it from doing so. Any additional increases might potentially take the price towards the $0.380 barrier, which now acts as resistance. In the event that prices continue to move lower, an initial level of support can be found close to $0.3180.

The area close to the $0.3000 level constitutes the subsequent significant support. If the price continues to fall, it might reach the level of $0.2900, and if it falls any further, it could possibly challenge the level of $0.2750.
Taking a look at the chart, one can see that the price of ripple is currently trading below the $0.3500 zone as well as the 55 simple moving average (4-hours). If the price breaks through the $0.320 and $0.318 support levels, it’s possible that it may continue moving in a downward direction overall.