XRP Price Declines Under $0.30
The price of XRP/USD pair fell from over $0.3200. The downside surge extended under $0.3000 and it may keep up the downtrend in the near term.
Within the three to four previous sessions, the pair encountered an increased bearish pressure under $0.3200. Hence, the price moved down under the supports at $0.3050 and $0.3000.
Further, it closed under the $0.3000 support and the 100 hourly SMA. It has fallen by over 10 percent and attained $0.2677. In recent times, the pair experienced a minor upside retracement over $0.2800.
Nevertheless, the pair is encountering several barriers on the upside close to $0.2940 and $0.2950.
A crucial observation on the hourly chart of XRP against the USD is the formation of two connecting declining trend lines with hurdle close $0.2950 and $0.3000.
Hence, the buyers need to secure momentum over above the barriers at $0.2950 and $0.3000 resistance to take the price into a positive area.
The failure to secure momentum over $0.2950 poses a risk of additional declines. The initial major support is close to $0.2800. The occurrence of a break under $0.2800 and $0.2780 could strengthen the sellers to focus a fresh weekly low under$0.2670.
The ability to secure momentum over the barriers at $0.2950and $0.3000 resistance levels might lead to a new upsurge.
The immediate major barrier is close to $0.3200 zone and the 100 hourly SMA, over which the price might retest the $0.3400 barrier zone.