- Ripple price started a fresh decline from the $0.5600 resistance against the US dollar.
- The price is now trading below $0.500 and near the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.4720 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start a steady increase if it clears the $0.4720 and $0.5000 resistance levels.
Ripple price is struggling below $0.500 against the US Dollar, similar to bitcoin. XRP price must stay above $0.4420 to avoid more losses in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.5600 zone against the US Dollar. The XRP/USD pair declined below the $0.5200 support zone to move into a bearish zone.
The price even traded below the $0.5000 level and the 55 simple moving average (4-hours). It traded as low as $0.4413 and recently corrected higher. There was a recovery wave above the $0.4800 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5600 swing high to $0.4413 low.
However, the price failed to gain pace above the $0.5000 zone and 55 simple moving average (4-hours). On the upside, the price is facing resistance near $0.4720.
There is also a key bearish trend line forming with resistance near $0.4720 on the 4-hours chart of the XRP/USD pair. The next major resistance is near the $0.5000 level. It is near the 50% Fib retracement level of the downward move from the $0.5600 swing high to $0.4413 low.
A clear move above the $0.5000 and $0.5050 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.520 resistance. Any more gains might send the price towards the $0.560 resistance.
An initial support on the downside is near the $0.4500 level. The next major support is near the $0.4400 level. Any more losses could lead the price towards the $0.4200 level, below which the price might even test $0.4000.
Looking at the chart, ripple price is now trading below the $0.5000 zone and near the 55 simple moving average (4-hours). Overall, the price could start a steady increase if it clears the $0.4720 and $0.5000 resistance 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 below the 50 level.
Key Support Levels – $0.4500, $0.4400 and $0.4200.
Key Resistance Levels – $0.4720 and $0.5000.
