Ripple Price Analysis: XRP Could Trade Lower As Recovery Falls Flat

Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar. The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level. There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances.

Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might accelerate losses if it fails to break the $0.3120 resistance level in the near term.

Ripple Price Analysis

Yesterday, we saw a nice upward move in ripple price above the $0.3150 and $0.3200 resistances against the US Dollar. The XRP/USD pair even tested the $0.3250 level, but it failed to hold gains. As a result, there was a sharp decline below the $0.3200 and $0.3150 levels. The price even spiked below the $0.3120 support and the 100 hourly simple moving average. A swing low was formed at $0.3060 before the price corrected higher during BTC and Ethereum recovery.

The price moved above the $0.3080 level and tested the 23.6% Fib