Ripple’s XRP price analysis: XRP/USD defends $0.31 support; more breakdown looms
|- Ripple’s XRP is down 0.85% on the day; it has broken below the trendline support at $0.3132.
- If XRP fails to break above $0.32, we could witness further breakdown that could create more demand at $0.30.
XRP/USD is seen exchanging hands at $0.3121 on Friday afternoon (GMT). The market is mixed red and green at the time of writing. The few assets in the green are Bitcoin, Bitcoin Gold and Stellar. Ripple’s XRP is down 0.85% on the day. Moreover, it has broken below the trendline support at $0.3132.
The trend is still bearish at the time of press, besides the price is below the 100 SMA 1-hour. The initial significant resistance is at $0.3150 while the second hurdle is seen at $0.3175.
According to the Relative Strength Index (RSI), XRP buyers could soon retake the control and pull the price above the trendline support. The RSI is recovering from the level around 34.00. However, the fact the MACD is horizontal in the negative territory shows that Ripple’s XRP is still at risk of more declines.
The support at $0.31 has been very crucial to that bulls. However, if XRP fails to break above $0.32, we could witness further breakdown that could create more demand at $0.30. If this happens, the price will reverse upwards as buyers increase their entries.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.