Ripple (XRP) Price Breaks Key Support, Turns Sell on Rallies

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Ripple price declined heavily after it broke the key $0.3500 support area against the US dollar.The price broke many supports on the way down such as $0.3440, $0.3350 and even $0.3250.There is a short term bearish trend line formed with resistance near $0.3260 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is clearly trading in a bearish zone and recovery could face sellers near $0.3260 or $0.3320.Ripple price declined heavily below key supports against the US Dollar and bitcoin. XRP remains at a risk of more losses towards the $0.3150 or $0.3120 support level.Ripple Price AnalysisAfter a continuous failure near the $0.3700 resistance, ripple price started a downside move against the US Dollar. The XRP/USD pair started a significant decline below the $0.3550 and $0.3480 support levels. There was even a close below the $0.3400 support and the 100 hourly simple moving average. Sellers gained control and pushed the price below the $0.3320 support level. The decline was such that the price even broke the key $0.3260-0.3250 support area.A new weekly low was formed at $0.3182 and the price settled into a bearish zone. On the upside, an initial resistance is near the $0.3240 level