XRP’s Bearish Continuation Below $0.3200

Ripple price topped near the $0.3820 level and later declined sharply below $0.3500 against the US dollar .There is a short term connecting bearish trend line formed with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).A low was formed near $0.3165 and later the price corrected higher. It moved above the $0.3250 level, but upsides remain capped. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $0.3819 high to $0.3165 low. Moreover, there is a short term connecting bearish trend line formed with resistance at $0.3300 on the hourly chart of the XRP/USD pair. If there is a break above the trend line and $0.3320, the price may recover further. The next major hurdle for buyers is seen near the $0.3480-0.3500 zone. It also represents the 50% Fib retracement level of the recent decline from the $0.3819 high to $0.3165 low.

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