- Ripple price is struggling to clear the $0.5400 and $0.5500 resistance levels against the US dollar.
- The price is still above the $0.4800 support, but it is well below the 55 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.5520 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could decline heavily if there is a clear break below the $0.4800 and $0.4750 support levels.
Ripple price is showing bearish signs below $0.5500 against the US Dollar. XRP price remains at a risk of more losses unless it surges past $0.5500.
Ripple Price Analysis
This past week, there was another rejection in ripple price near the $0.6000 resistance zone against the US Dollar. The XRP/USD pair traded as high as $0.5934 and started a fresh decline.
The price broke the $0.5500 support zone to move into a bearish zone. The decline gained pace below the $0.5200 level and the price settled well below the 55 simple moving average (4-hours). However, the bulls remained active above the key $0.4800 support zone.
A low is formed near $0.4873 and the price is currently consolidating losses. There was a recovery wave above the $0.5000 and $0.5100 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5934 swing high to $0.4873 low.
XRP price is now facing resistance near the $0.5280 level. The first key resistance is near the $0.5400 level. The 50% Fib retracement level of the downward move from the $0.5934 swing high to $0.4873 low is also near the $0.5400 level.
Moreover, there is a crucial bearish trend line forming with resistance near $0.5520 on the 4-hours chart of the XRP/USD pair. To move into a positive zone, the price must gain momentum above the $0.5400 and $0.5500 resistance levels.
Conversely, the price could fail to surpass $0.5280 and $0.5500. The main support on the downside is near the $0.4800 level. The price might decline heavily if there is a clear break below $0.4800.
Looking at the chart, ripple price is clearly struggling to clear the $0.5400 and $0.5500 resistance levels. Overall, the price could decline heavily if there is a clear break below the $0.4800 and $0.4750 support levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Key Support Levels – $0.5000, $0.4800 and $0.4750.
Key Resistance Levels – $0.5400 and $0.5500.
