Ripple Price Analysis: XRP Could Trade Lower As Recovery Falls Flat

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Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar.The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level.There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances.Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might accelerate losses if it fails to break the $0.3120 resistance level in the near term.Ripple Price AnalysisYesterday, we saw a nice upward move in ripple price above the $0.3150 and $0.3200 resistances against the US Dollar. The XRP/USD pair even tested the $0.3250 level, but it failed to hold gains. As a result, there was a sharp decline below the $0.3200 and $0.3150 levels.…

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