Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives
- Ripple price is trading in a downtrend below the $0.3000 and $0.3050 resistances against the US dollar.
- The price is likely to extend its decline considering the recent decline in bitcoin price below $11,000.
- There is a major bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is facing an uphill task and it could even break the $0.2900 support area in the near term.
Ripple price is trading with a bearish angle against the US Dollar, while recovering vs . XRP price might slide below the last swing low at $0.2895.
Ripple Price Analysis
Yesterday, ripple price corrected above the $0.3000 resistance level against the US Dollar. The XRP/USD pair even traded above $0.3040a and 100 hourly simple moving average. However, the bulls struggled to gain momentum above the $0.3050 and $0.3060 resistance levels. As a result, the price formed a swing high at $0.3060 and recently declined below the $0.3000 support.
Moreover, there was a break below the $0.2950 support and a swing low was formed at $0.2917.