- Ripple price is trading above the key $0.8000 support zone against the US dollar.
- The price is now struggling to clear $0.9000 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.8600 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start a major increase unless there is a clear downside break below $0.8000.
Ripple price is trading in a bearish zone below $1.00 against the US Dollar. XRP price could start a decent recovery if it settles above the $0.9000 pivot level.
Ripple Price Analysis
After a failed attempt to settle above $1.0, ripple price started a fresh decline against the US Dollar. The XRP/USD pair broke the $0.92 and $0.90 support levels to move into a bearish zone.
It even settled below the $0.90 level and the 55 simple moving average (4-hours). A low was formed near $0.7922 and the price is now recovering higher. There was a break above the $0.8500 resistance level. Ripple climbed above the 23.6% Fib retracement level of the downward move from the $1.10 swing high to $0.7922 low.
There was also a break above a key bearish trend line with resistance near $0.8600 on the 4-hours chart of the XRP/USD pair. The pair is now struggling to clear $0.9000 and the 55 simple moving average (4-hours).
The next major resistance is near the $0.9460 level. It is near the 50% retracement level of the downward move from the $1.10 swing high to $0.7922 low.
The main hurdle is still near the $1.00 level. A close above $1.00 could pop the price towards the $1.10 resistance zone in the near term. If there is no upside break, the price could correct below $0.850. The main support is near $0.80, below which the bears are likely to aim a larger decline.
Looking at the chart, ripple price is clearly facing hurdles near $0.9000 and the 55 simple moving average (4-hours). Overall, the price could start a major increase unless there is a clear downside break below $0.8000.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level.
Key Support Levels – $0.85, $0.82 and $0.80.
Key Resistance Levels – $0.90 and $1.00.
