- Ripple price is facing resistance near the $0.520 level against the US dollar.
- The price is now trading above $0.52 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support near $0.4910 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down below the $0.4720 support zone.
Ripple price is struggling below $0.520 against the US Dollar, unlike Bitcoin. XRP price must stay above the $0.472 support to remain in a bullish zone.
Ripple Price Analysis
After struggling to stay above $0.525, Ripple price started a fresh decline against the US Dollar. The XRP/USD pair gained bearish momentum below the 0.515 support zone.
The bears were able to push the price below the $0.50 support. There was a break below a key bullish trend line with support near $0.4910 on the 4-hour chart of the XRP/USD pair. There was a move below the 50% Fib retracement level of the upward move from the $0.4550 swing low to the $0.5263 high.
XRP is now trading above $0.52 and the 55 simple moving average (4 hours). It is now testing the 61.8% Fib retracement level of the upward move from the $0.4550 swing low to the $0.5263 high.
Initial support on the downside is near the $0.4820 level. The next major support is near the $0.4715 level, below which the price could accelerate lower toward the $0.4550 support. Any more losses could lead the price toward the $0.432 level.
On the upside, the price is facing resistance near $0.490 and the 55 simple moving average (4 hours). The next major resistance is near the $0.5020 level.
A clear move above the $0.5020 resistance zone might start a steady increase. In the stated case, the price could even surpass the $0.5150 resistance and a connecting bearish trend line. Any more gains might send the price toward the $0.540 resistance.
Looking at the chart, Ripple price is now trading below the $0.50 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down below the $0.4720 support zone.
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 – $0.482, $0.472, and $0.455.
Key Resistance Levels – $0.5020 and $0.5150.
