- Ripple price started a fresh decline from the $0.7650 zone against the US dollar.
- The price is now trading below $0.65 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.6080 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend recovery if there is a move above the $0.6330 resistance zone.
Ripple price is struggling below $0.6500 against the US Dollar, similar to bitcoin. XRP price must clear $0.6330 to start a fresh increase in the near term.
Ripple Price Analysis
After struggling to clear $0.7500, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.7000 support level to enter a bearish zone.
The price even broke the $0.6500 support and the 55 simple moving average (4-hours). It even spiked below the $0.6000 level and traded as low as $0.5667. It is now correcting losses and trading above the $0.6000 pivot level.
There was a move above a key bearish trend line with resistance near $0.6080 on the 4-hours chart of the XRP/USD pair. The pair traded above the 23.6% Fib retracement level of the key decline from the $0.7663 swing high to $0.5667 low.
On the upside, the price is facing resistance near the $0.6330 zone. The next major resistance is near the $0.6500 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the key decline from the $0.7663 swing high to $0.5667 low is also near the $0.6600 zone.
A clear move above the $0.6600 level might send the price towards the $0.7000 level. Any more gains could lead the price towards the $0.7500 level.
An initial support on the downside is near the $0.6050 level. The next main support is near the $0.6000 zone. Any more losses could lead the price towards the $0.5650 level in the near term, below which the price might even test $0.5200.
Looking at the chart, ripple price is now trading below $0.6500 and the 55 simple moving average (4-hours). Overall, the price could extend recovery if there is a move above the $0.6330 resistance zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.
Key Support Levels – $0.6000, $0.5600 and $0.5200.
Key Resistance Levels – $0.6330 and $0.6600.
