- Ripple price started a fresh decline from the $1.20 resistance against the US dollar.
- The price is now trading below $1.10 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1.06 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down if there is a clear break below $1.00.
Ripple price is showing bearish signs below $1.06 against the US Dollar, unlike bitcoin. XRP price remains at a risk of more losses below the $1.00 support.
Ripple Price Analysis
After a minor upward move, ripple price faced sellers near the $1.20 level against the US Dollar. The XRP/USD pair started a fresh decline below the $1.15 support zone.
The pair even declined below the $1.05 support and the 55 simple moving average (4-hours). The price even spiked below $1.02, and the price is now consolidating losses. A low is formed near $1.018 and it is now facing a lot of hurdles.
On the upside, XRP is facing resistance near the $1.05 level. There is also a key bearish trend line forming with resistance near $1.06 on the 4-hours chart of the XRP/USD pair.
The trend line is close to the 23.6% Fib retracement level of the downward move from the $1.219 swing high to $1.018 low. The next key resistance is near the $1.12 level and the 55 simple moving average (4-hours).
It is near the 50% Fib retracement level of the downward move from the $1.219 swing high to $1.018 low. A close above the $1.12 could increase the chances of a break above the key $1.15 resistance zone. The next major resistance is near the $1.20 level. Any more gains could lead the price towards the $1.25 level.
On the downside, an initial support is near the $1.002 level. The first major support is near the $1.00 level. Any more losses could lead the price towards the $0.92 level in the near term.
Looking at the chart, ripple price is now trading below $1.05 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a clear break below $1.00.
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 now below the 50 level.
Key Support Levels – $1.00, $0.95 and $0.92.
Key Resistance Levels – $1.05 and $1.12.
