- Ripple price is facing resistance near the $0.420 level against the US dollar.
- The price is now trading below $0.410 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.4110 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could decline further if there is now move above the $0.4120 resistance.
Ripple price is correcting lower from $0.4320 against the US Dollar, similar bitcoin. XRP price must stay above the $0.3750 support to remain in a bullish zone.
Ripple Price Analysis
After attempting an upside break above the $0.4320 resistance, ripple price started a downside correction against the US Dollar. The XRP/USD pair declined below the $0.4200 level.
There was a clear move below the $0.4120 level and the 55 simple moving average (4-hours). It even spiked below the $0.4000 level and traded as low as $0.3944. It is now consolidating losses and trading below $0.4000. On the upside, the price is facing resistance near $0.4000.
It is near the 23.6% Fib retracement level of the recent decline from the $0.4204 swing high to $0.3944 low. The next major resistance is near the $0.4080 level and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $0.4110 on the 4-hours chart of the XRP/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $0.4204 swing high to $0.3944 low.
A clear move above the $0.4120 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4320 resistance. Any more gains might send the price towards the $0.4550 resistance.
An initial support on the downside is near the $0.3940 level. The next major support is near the $0.3750 level. Any more losses could lead the price towards the $0.3500 level, below which the price might even test $0.3200.
Looking at the chart, ripple price is now trading below the $0.412 zone and the 55 simple moving average (4-hours). Overall, the price could decline further if there is now move above the $0.4120 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.3940, $0.3750 and $0.3550.
Key Resistance Levels – $0.4080 and $0.412.
