Home Ripple Ripple (XRP) price recovery remains steady. – The South African

Ripple (XRP) price recovery remains steady. – The South African

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It seems the weekend was unkind to not only Bitcoin (BTC) but to several altcoins, including Ripple (XRP) which has continued to decline below the  $0.4000 support area against the US dollar. The price broke the $0.3800 support area and traded close to the $0.3660 level.

Analysts have cited a notable bearish trend line forming with resistance around the $0.3950 mark on the hourly chart of the XRP/USD pair as per data gleaned from Kraken. The XRP/USD could possibly struggle near $0.3950 or $0.4000 if it corrects higher from the current levels.

Notably, the price of XRP is slowly but surely recovering from recent lows against the US dollar, similar to the current bitcoin trend. XRP could possibly correct at a higher price, but it’s going to be uneasy for the bulls to clear $0.3950 or $0.4000 level.

Ripple (XRP) Price Analysis:

Recently, XRP has seen an acute decline from the  $0.4110 swing high in price against the US Dollar.  The XRP/USD pair broke the key $0.4000 and $0.3950 support levels to further move into bearish territory. Furthermore, there was also a close below $0.4000 and the 100 hourly simple moving average. Lastly, there was a notable break below the  $0.3800 mark with the price trading close to the $0.3660 mark. As a result, a swing low was formed around the $0.3687 point, and the price is currently on a course towards correcting higher.

XRP/USD is currently recovering above the  $0.3800 level as well as the Fib retracement level of the fresh drop from the $0.4112 high to $0.3687 low. On the upside, XRP can expect some difficulties near the $0.3950 and $0.4000 levels. Notably, an initial resistance point will occur near  $0.3900.according to analysts. This corresponds with the 50% Fib retracement level of the recent drop from the $0.4112 high to $0.3687 low. Furthermore, the is also a solid bearish trend line developing with resistance near the $0.3950 point on the hourly chart of the XRP/USD pair.

In order for XRP to begin a decent and impressive recovery, the price needs to clear the $0.3950 and $0.4000 resistance levels. The next critical resistance point is near the $0.4110 level. Analysts believe that at this point, the price might re-enter a positive zone. On the downside, an initial support is expected around the $0.3800 level, below which the price could back towards $0.3660. However, further losses could result in XRP dropping back towards the $0.3500 level.

Analysts believe that the price of ripple is currently in recovery, but the altcoin could face a fierce resistance near the  $0.3950 and $0.4000 marks. However, should XRP benefit from a clear break, the price could ultimately reach the $0.4200 level.

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