XRP price declined sharply during the past few days below $1.00. It even struggled versus bitcoin, but it seems like XRP/USD is now approaching a crucial support at $0.65.
There was a major downside move initiated in the cryptocurrency market recently. All major cryptocurrencies, including bitcoin, Ethereum, bitcoin cash and cardano dropped heavily. BTC/USD even moved below the $10,000 level and ETH/USD dropped below $700 (as per coinmarketcap).
Ripple Price Analysis/Forecast Key Takeaways:
- Ripple price made a U-turn and declined below the $1.00 level against the US Dollar.
- There is a major bearish trend line forming with resistance at $0.9600 on the daily chart of the XRP/USD pair.
- The pair is now approaching a very important support near the $0.6500 level.
There was a correction during February 2018 in xrp price versus the USD. However, the upside move was capped by the $1.05 level. The price also failed to break the 100-day simple moving average (green) and the 150-day simple moving average (orange).
A fresh downside wave was initiated and the recent slide push the price below the $0.9000 support area. The overall price action looks negative below the $0.9000 pivot level and there could be more declines.
XRP/USD Approaching Major Support
Looking at the daily chart of XRP/USD, the pair failed near a major bearish trend line with current resistance at $0.9600. The pair tumbled and is currently trading below the $0.8000 support.
On the downside, there is a significant support near $0.6500. The mentioned $0.6500 level acted as a crucial buy zone on many occasions earlier. Therefore, there are high chances of a strong buying interest near $0.6500 in ripple.
Should the price fails to hold the stated $0.6500 level, the next stop could be the $0.5000 level, which is another important support. On the flip side, if the price corrects higher, then the highlighted trend line with current resistance at $0.9600 is a key barrier.
Moreover, both 100-day and 15-day SMA’s are likely to prevent upsides in the near term. Once there is a proper close above $1.00 and the 100-days SMA, xrp price could reverse the current downtrend and prepare for more upsides.
Therefore, keep an eye on the $0.6500 support traders and trade carefully in the current decline in the cryptocurrency market.