Ripple Analysis: XRPUSD Pair is Likely to Decline Below $0.30 Level

Ripple price is trading in a bearish zone against the USD and Bitcoin. XRPUSD pair is likely to decline towards the $0.30 level in the near term.

November 30, 2018 AtoZ Markets – Ripple has experienced a decline of 6.45% against the USD over the past 24 hours of trading. The cryptocurrency is now trading at around $0.36 mark after suffering a 7-day price decline amounting to 13.39%.

Ripple coin continues to hold the second position with a total market cap of $14.5 billion, putting them over $3.5 Billion ahead of Ethereum’s market cap.

Ripple Technical Analysis

Looking at the weekly charts, Ripple has experienced a nice upward move above the $0.39 resistance level against the US Dollar. The XRPUSD pair even surged above the $0.40 resistance zone and traded as high as $0.42 level. Later, there was a downside correction and the price traded below the $0.37 and $0.35 levels. However, the price remained well supported above the $0.34 support and the 100 hourly SMA.

Moreover, a low was formed at $0.3564 and later the price of the coin started trading in a range. The coin slowly moved higher and traded above the $0.37 level. There was a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.39 highs to $0.35 lows. Technical pattern indicates that the pair might continue to move lower towards the major supports. Also, an immediate resistance is near the $0.39 level. It also represents the 61.8% Fibonacci retracement level of the recent decline.

In conclusion, Ripple price is still following the highlighted crucial descending channel with support at $0.34 and $0.31 levels. If the price failed to remain supported above $0.34 and $0.31 supports than it might experience further downside below $0.30 handle.