The Ripple XRP price data analysis reveals that Ripple’s XRP couldn’t keep at the $0.4000 support level. In the wake of Bitcoin performance, XRP is headed for further losses after almost ten percent (10%).
XRP price shows that the currency has been on a decline and has also been the culprit behind the breaking of the support levels of $0.3850 and $0.3750.
Ripple prices are suspected to fall even further below the $0.3500 mark. A fall from $0.4000 to $0.3750 accounts for a total of ten percent (10%) decrease in the price of this digital asset.
Bitcoin prices are bound to affect the majority of altcoins because it is the leading crypto asset in the market. Bitcoin (BTC)’s fall from thirteen thousand dollars ($13,000) to twelve thousand dollars ($12,000) affected ripple to go below its support of $0.4000 to $0.3750, a total of ten per cent (10%) decrease in its price.
The XRP/USD pair declined below both the $0.3850 and the $ 0.3750 support levels and ended up being traded even below the $0.3600 price mark at the 100 hourly simple moving average.
Ripple’s XRP also peaked below to $0.3461. $0.3500 is the mark at which it currently is consolidated.
The Fibonacci retracement level for the range between $0.3968 as the upper and $0.3461 as the lower bound was twenty-three percent (23.6%) was broken. A resistance line at $0.3620 seems to be forming according to the consolidation triangle forming on the graph.
A further breakdown would leave the coin stuck at the $0.3400. There are little chances for an upward climb but if that does happen, it will leave XRP at $0.3700.
Between the range of $0.3968 high to $0.3461 low is also approaching the $0.3710 level at the fifty percent (50%) Fibonacci retracement level. Resistance is expected near the $0.3850 level.