- Ripple price started a fresh decline from the $0.3900 resistance against the US dollar.
- The price is now trading below $0.355 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $0.3780 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down if it breaks the $0.330 and $0.325 support levels.
Ripple price is declining below $0.355 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3250 to avoid more losses in the near term.
Ripple Price Analysis
After forming a base near the $0.3650 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3780 resistance zone.
The price even broke the $0.3880 resistance and the 55 simple moving average (4-hours). However, there was no move above the $0.4000 resistance zone. A high was formed near $0.3919 before there was a fresh decline. The price declined below the $0.3800 support zone.
There was a clear move below the $0.3750 level and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $0.3780 on the 4-hours chart of the XRP/USD pair.
The pair traded as low as $0.3319 and is currently consolidating losses. On the upside, the price is facing resistance near $0.3450. It is near the 23.6% Fib retracement level of the recent decline from the $0.3919 swing high to $0.3319 low.
The next major resistance is near the $0.3600 level. It is close to the 50% Fib retracement level of the recent decline from the $0.3919 swing high to $0.3319 low. A clear move above the $0.3600 and $0.3620 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.380 resistance. Any more gains might send the price towards the $0.4000 resistance. An initial support on the downside is near the $0.3320 level.
The next major support is near the $0.3250 level. Any more losses could lead the price towards the $0.3050 level, below which the price might even test $0.3000.
Looking at the chart, ripple price is now trading below the $0.3650 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.330 and $0.325 support levels.
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 below the 50 level.
Key Support Levels – $0.3320, $0.3250 and $0.3000.
Key Resistance Levels – $0.3500 and $0.3620.
