- Ripple price is currently correcting higher from the $0.1840 support zone against the US dollar.
- The price is facing a strong resistance near the $0.1900 level and the 55 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.1900 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could either rally above the $0.1920 resistance or start another downward move.
Ripple price is trading in a bearish zone below the $0.1920 resistance against the US Dollar. XRP price remains at a risk of more losses if it fails to clear $0.1900 and $0.1920.
Ripple Price Analysis
This past week, ripple price extended its decline below the $0.1920 level against the US Dollar. The XRP/USD pair broke the $0.1900 support level and settled below the 55 simple moving average (4-hours).
It tested the $0.1840 support zone and a low is formed near the $0.1850 level. The price is currently consolidating gains above $0.1850 and it seems to be preparing for the next major move.
On the upside, an initial resistance is near the $0.1882 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.1989 high to $0.1850 low. Moreover, there is a crucial bearish trend line forming with resistance near $0.1900 on the 4-hours chart of the XRP/USD pair.
The trend line is close to the 55 simple moving average (4-hours) at $0.1905. Above the trend line, the next resistance is near the $0.1920 level or the 50% Fib retracement level of the recent decline from the $0.1989 high to $0.1850 low.
If the bulls push the price above the $0.1920 resistance, the price could easily move above the $0.1950 resistance. The next key resistance is seen near the $0.2000 level, above which the bulls are likely to aim a test of the $0.2135 resistance region.
Conversely, the price might fail to surpass the bearish trend line or $0.1920. In the stated case, the price could revisit the $0.1840 support zone. Any further losses could open the doors for a larger decline below $0.1800.
Looking at the chart, ripple price is clearly trading approaching a major resistance at $0.1900. Therefore, it could either rally above the $0.1920 resistance or start another downward move.
Technical indicators
4 hours MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Key Support Levels – $0.1845, $0.1800 and $0.1750.
Key Resistance Levels – $0.1900 and $0.1920.
