- Ripple price started a fresh decline from the $0.8000 zone against the US dollar.
- The price is now trading below $0.7800 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.7600 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down if it stays below the $0.8000 resistance.
Ripple price is trading in a bearish zone below $0.8000 against the US Dollar, like bitcoin. XRP price could extend decline if there is a move below the $0.7500 support.
Ripple Price Analysis
After struggling to clear the $0.8650 zone, ripple price started a fresh decline against the US Dollar. The XRP/USD pair declined below the $0.8500 support zone to move into a bearish zone.
The pair declined sharply below the $0.7500 level and the 55 simple moving average (4-hours). The pair traded as low as $0.6986 and recently corrected higher. There was a recovery wave above the $0.7500 level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.8650 swing high to $0.6986 low.
There was also a break above a key bearish trend line with resistance near $0.7600 on the 4-hours chart of the XRP/USD pair. The pair is now trading below $0.7800 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $0.7800 level. The next key resistance is near the $0.8000 level. It is near the 61.8% Fib retracement level of the downward move from the $0.8650 swing high to $0.6986 low.
A close above the $0.8000 level could push the price towards the $0.8500 level. The next major resistance is near the $0.9500 level. Any more gains could lead the price towards the $1.00 level.
If there is no upside break above $0.8000, the price could resume its decline. The next major support is near the $0.7350 level. Any more losses could lead the price towards the $0.7000 level in the near term.
Looking at the chart, ripple price is now trading below $0.7800 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.8000 resistance.
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 – $0.7350, $0.7200 and $0.7000.
Key Resistance Levels – $0.7800 and $0.8000.
