- Ripple price is struggling to clear the $0.80 resistance zone against the US dollar.
- The price is now trading above $0.72 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.7450 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start a fresh increase unless there is a clear move below the $0.7080 support zone.
Ripple price is trading in a bullish zone above $0.7080 against the US Dollar, unlike bitcoin. XRP price must stay above $0.7080 to avoid more downsides.
Ripple Price Analysis
In the past few sessions, ripple price attempted an upside break above $0.8000 against the US Dollar. The XRP/USD pair spiked above the $0.8400 level, but it failed to gain strength for a move above $0.8500.
As a result, there was a bearish reaction below $0.8200. The price declined below the $0.8000 support level. There was a clear move below the $0.7800 support zone, but the price stayed above the 55 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $0.7450 on the 4-hours chart of the XRP/USD pair. A low is formed near $0.7468 and the price is now rising.
It is facing resistance near the $0.7700 zone. The stated level is close to the 23.6% Fib retracement level of the recent decline from the $0.8486 swing high to $0.7468 low. The next key resistance is near the $0.8000 level.
The 50% Fib retracement level of the recent decline from the $0.8486 swing high to $0.7468 low is also near $0.8000. Any more gains could lead the price towards the $0.8200 level. The main hurdle is still near $0.8500, above which the price could start a major increase to $0.9200.
An immediate support on the downside is near the $0.7500 level. The next major support is near the $0.7450 level. Any more losses could lead the price towards the $0.7080 level in the near term, below which the price might even test $0.6800.
Looking at the chart, ripple price is now trading above $0.7200 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase unless there is a clear move below the $0.7080 support zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.
Key Support Levels – $0.7450, $0.7200 and $0.7080.
Key Resistance Levels – $0.8000 and $0.8500.
