- Ripple price started a fresh decline from the $0.3950 zone against the US dollar.
- The price is now trading below $0.3800 and the 55 simple moving average (4-hours).
- There was a break below a major contracting triangle with support near $0.3800 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it breaks the $0.3400 support zone.
Ripple price is struggling below $0.380 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3400 to avoid more downsides in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.3950 zone against the US Dollar. The XRP/USD pair declined below the $0.3800 support zone to move into a bearish zone.
The price even traded below the $0.3650 level. There was a break below a major contracting triangle with support near $0.3800 on the 4-hours chart of the XRP/USD pair. The price is now trading below $0.3800 and the 55 simple moving average (4-hours).
An initial support on the downside is near the $0.3400 level. The next major support is near the $0.3250 level, below which the price could even test the $0.3120 support. Any more losses could lead the price towards the $0.3000 level, below which the price might even test $0.2880.
On the upside, the price is facing resistance near $0.3540. It is close to the 23.6% Fib retracement level of the downward move from the $0.3965 swing high to $0.3400 low.
The next major resistance is near the $0.3680 level or the 50% Fib retracement level of the downward move from the $0.3965 swing high to $0.3400 low. The main resistance is near the $0.3750 zone and the 55 simple moving average (4-hours).
A clear move above the $0.375 and $0.380 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.395 resistance. Any more gains might send the price towards the $0.420 resistance.
Looking at the chart, ripple price is now trading below the $0.380 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it breaks the $0.3400 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 – $0.3400, $0.3250 and $0.3120.
Key Resistance Levels – $0.3540 and $0.3750.
