Significant drop in the price of XRP: a future rise?

Ripple's XRP failed to break through the key resistance of $ 0.3080 and fell sharply against the U.S. dollar.

• The price of XRP started to drop sharply after being released near the $ 0.3080 zone against the US dollar.
• The price has dropped more than 5% and is approaching the support zone of $ 0.2680.
• There was a break below a key level of rising support, close to $ 0.2920 on the hourly graph of the XRP / USD pair.
• The price is likely to find strong buying potential around $ 0.2680 or $ 0.2500.

XRP price gets closer to main supporters

We had witnessed a decent recovery wave, with resistance above $ 0.2800. The XRP price even surpassed the resistance of $ 0.2950 and the simple moving average of 100 hours.

In addition, there was a break above the level of Fibonacci retracement 23.6% from the downward movement from $ 0.3470 to $ 0.2675. However, the upward movement was capped by the key resistance levels of $ 0.3070 and $ 0.3080.

In addition, the Fibonacci retracement level of 50% from the drop from $ 0.3470 to $ 0.2675 was a significant obstacle for the bulls. As a result, the price of XRP began to depreciate sharply below the support zone of $ 0.2900.

During the downside, there was a breakout with support close to $ 0.2920 on the hourly chart of the XRP / USD pair. This opened the door to further losses below the $ 0.2850 support and the 100-hour simple moving average.

The price has dropped more than 5% and is trading near the level of $ 0.2750. On the downside, the first key support is close to the levels of $ 0.2700 and $ 0.2680. The main level of support is located near the $ 0.2500 zone, where bulls are likely to take a stand. Any further loss could tip the price towards the support zone by $ 0.2200.

Another comeback?

If Ripple stays above the $ 0.2680 support zone, he could trigger another wave of recovery. An initial resistance is close to the resistance of $ 0.2900 and the moving average single 100 hour.

To initiate a convincing rise, the price must hang above the resistance levels of $ 0.3000 and $ 0.3080. Otherwise, there is a risk of falling towards the support zone of $ 0.2500 in the short term.

Tutorial: Buy Ripple XRP