New Delhi(CoinChapter.com): Ripple’s XRP is consolidating below $0.38. The price is trading in a major breakout pattern and a crucial support near $0.330.
This past week, ripple price started a short-term upside correction from the $0.3320 support against the US Dollar. The price was able to clear the $0.345 and $0.350 resistance levels.
The bulls even pushed the price above the $0.360 level. XRP price surpassed the 23.6% Fib retracement level of the key decline from the $0.4192 swing high to $0.3320 low. However, the bears remained active near the $0.3700 zone.
The price struggled to even test the $0.3750 resistance and the 50-day simple moving average (blue). The price also stayed below the 50% Fib retracement level of the key decline from the $0.4192 swing high to $0.3320 low.
Besides, there is also a major bearish trend line in place with current resistance at $0.3755 on the daily chart. In the past few sessions, there was a slow decline below $0.365, similar to bitcoin and ethereum.
On the downside, an initial support is near the $0.340 level. The first major support is now forming near the $0.3320 level. A downside break below the $0.332 support might send the price towards the $0.318 support.
A close below the $0.318 level could attract a move towards the $0.300 zone. Any more losses below $0.300 might stage a strong decline. In the stated case, the price might even test the $0.265 support.
On the upside, the price seems to be facing a strong resistance near the $0.370 and $0.375 levels. A close above $0.375 might start a steady recovery wave. The next major resistance is near the $0.385 zone. A close above the $0.385 zone might call for a test of the $0.40 level. Any more gains might push the price towards the $0.440 resistance.
Overall, XRP price is showing a lot of bearish signs below the $0.375 level. If the bears remain active, there is a risk of a move towards the $0.300 support. Conversely, the price might start a decent recovery wave towards the $0.44 level.
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