- Ripple price started a fresh decline from the $0.4180 resistance against the US dollar.
- The price is now trading near $0.3880 and near the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.3720 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down towards the $0.332 support if it fails to stay above $0.3720.
Ripple price is struggling below $0.400 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3720 to attempt a fresh increase in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.4180 zone against the US Dollar. The XRP/USD pair declined below the $0.4050 support zone to move into a short-term bearish zone.
The price even traded below the $0.3920 level. There was a spike below the 50% Fib retracement level of the upward move from the $0.3452 swing low to $0.4179 high. The price is now trading near $0.3880 and near the 55 simple moving average (4-hours).
An initial support on the downside is near the $0.3800 level. The next major support is near the $0.3720 level. There is also a key bullish trend line forming with support near $0.3720 on the 4-hours chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $0.3452 swing low to $0.4179 high.
The next major support is near the $0.3655 level. Any more losses could lead the price towards the $0.3320 level, below which the price might even test $0.3200.
On the upside, the price is facing resistance near $0.3920. The next major resistance is near the $0.4000 level. The main resistance is near the $0.4180 zone. A clear move above the $0.415 and $0.418 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.445 resistance. Any more gains might send the price towards the $0.485 resistance.
Looking at the chart, ripple price is now trading near the $0.388 zone and near the 55 simple moving average (4-hours). Overall, the price could continue to move down towards the $0.332 support if it fails to stay above $0.3720.
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 below the 50 level.
Key Support Levels – $0.3720, $0.3320 and $0.3200.
Key Resistance Levels – $0.4000 and $0.4180.
