- Ripple price started a fresh decline from the $0.4000 zone against the US dollar.
- The price is now trading below $0.35 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.3200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start a recovery wave, but the bears might remain active near $0.3500.
Ripple price is struggling below $0.3500 against the US Dollar, similar to bitcoin. XRP price must clear $0.3500 to start a fresh recovery wave in the near term.
Ripple Price Analysis
After struggling to clear $0.4000, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.3500 support level to enter a bearish zone.
The price even broke the $0.3200 support and the 55 simple moving average (4-hours). It even spiked below the $0.3000 level and traded as low as $0.2878. It is now correcting losses above the $0.3000 level. There was a break above the 23.6% Fib retracement level of the key decline from the $0.4108 swing high to $0.2878 low.
On the upside, the price is facing resistance near $0.3200. There is also a major bearish trend line forming with resistance near $0.3200 on the 4-hours chart of the XRP/USD pair.
The first major resistance is near the $0.3500 level. It is near the 50% Fib retracement level of the key decline from the $0.4108 swing high to $0.2878 low. A clear move above the $0.3450 and $0.3500 resistance zones might start a decent recovery.
In the stated case, the price could even surpass the $0.3640 resistance. Any more gains might send the price towards the $0.4000 resistance.
An initial support on the downside is near the $0.3050 level. The next main support is near the $0.3000 zone. Any more losses could lead the price towards the $0.2800 level, below which the price might even test $0.2550.
Looking at the chart, ripple price is now trading below $0.3500 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave, but the bears might remain active near $0.3500.
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 – $0.3050, $0.3000 and $0.2800.
Key Resistance Levels – $0.3200 and $0.3500.
