- Ripple price is currently declining and trading below the $0.1900 support area against the US dollar.
- The price is currently testing the key $0.1805 and $0.1800 support levels.
- There is a major declining channel forming with resistance near $0.1930 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could accelerate its decline if there is a clear break below the $0.1800 support.
Ripple price is slowly gaining bearish momentum below $0.1900 against the US Dollar. XRP price remains at a risk of a larger decline below the $0.1800 support.
Ripple Price Analysis
This past week, ripple price made a couple of attempts to clear the $0.1980 and $0.2000 resistance levels against the US Dollar. However, XRP/USD failed to gain momentum above $0.1980.
A high was formed near $0.2000 and the price started a substantial decline. The last swing high was near $0.1969 before the price traded below the 55 simple moving average (4-hours).
During the decline, there was a break below a major bullish trend line with support at $0.1885 on the 4-hours chart of the XRP/USD pair. It opened the doors for more losses and the price tested the key $0.1805 and $0.1800 support levels.
It is currently consolidating losses above the $0.1800 level. An initial resistance is near the 23.6% Fib retracement level of the recent drop from the $0.1969 high to $0.1805 low.
The main resistance is now forming near the $0.1885 and $0.1895 levels. The 55 simple moving average (4-hours) is also near the $0.1885 level to act as a major hurdle. Moreover, there is a major declining channel forming with resistance near $0.1930 on the same chart.
Therefore, the bulls need to gain pace above the $0.1885 and $0.1930 levels to move back into a positive zone. The next key hurdle is seen near the $0.2000 level.
On the downside, the key support is near the $0.1805 and $0.1800 levels. A successful break below the $0.1800 support might open the doors for a larger decline. The next major support is near the $0.1750 level, below which the price might test the $0.1680 level.
Looking at the chart, ripple price is showing a few bearish signs below the $0.1900 level. If it fails to stay above the $0.1800, there is a risk of a sharp decline towards the $0.1680 level.
Technical indicators
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level.
Key Support Levels – $0.1800, $0.1750 and $0.1680.
Key Resistance Levels – $0.1885 and $0.1930.
