- Ripple price is trading above the key $0.8050 support zone against the US dollar.
- The price is now well below $0.8000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down below the $0.7200 and $0.7000 support levels.
Ripple price is trading in a bearish zone below $0.80 against the US Dollar. XRP price could correct higher, but upsides are likely to be limited below $0.8200.
Ripple Price Analysis
There was a strong rejection noted above $0.9200 in ripple price against the US Dollar. The XRP/USD pair broke the $0.90 and $0.88 support levels to move into a bearish zone.
It even settled below the $0.82 level and the 55 simple moving average (4-hours). The price broke the $0.8000 support zone and it traded as low as $0.7334. The price is now showing bearish signs and it is struggling to stay above $0.7300.
It is well below $0.8000 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.7800 level. It is near the 23.6% Fib retracement level of the downward move from the $0.9292 swing high to $0.7334 low.
The next major resistance is near the $0.8000 level. The main resistance is near the $0.8200 zone. There is also a major bearish trend line forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.9292 swing high to $0.7334 low. The 55 simple moving average (4-hours) is also near $0.8300 to act as a major hurdle for the bulls. A break above $0.8200 and $0.8300 could open the doors for a move towards $0.9000.
If there is no upside break, the price could continue to move down below $0.730. The next support is near $0.70, below which the bears are likely to aim a larger decline.
Looking at the chart, ripple price is clearly facing hurdles near $0.8200 and the 55 simple moving average (4-hours). Overall, the price could continue to move down below the $0.7200 and $0.7000 support levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.
Key Support Levels – $0.72, $0.70 and $0.65.
Key Resistance Levels – $0.80 and $0.82.
