- Ripple price started a fresh decline from the $0.3800 resistance against the US dollar.
- The price is now trading below $0.32 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.3200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could gain pace if there is a clear move above the $0.3200 resistance zone.
Ripple price is struggling below $0.3500 against the US Dollar, similar to bitcoin. XRP price must clear $0.3200 and $0.3500 to start a fresh increase in the near term.
Ripple Price Analysis
After forming a base near the $0.3000 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3500 resistance zone.
The price even broke the $0.3620 resistance and the 55 simple moving average (4-hours). However, the price failed to gain strength above the $0.3800 zone. A high was formed near $0.3862 and the price started a fresh decline.
There was a move below the $0.3500 support. A low is formed near $0.3064 and the price is now consolidating losses. It is also trading below $0.32 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.3200. There is also a major bearish trend line forming with resistance near $0.3200 on the 4-hours chart of the XRP/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $0.3862 swing high to $0.3064 low.
The next major resistance is near the $0.3450 level. It is near the 50% Fib retracement level of the recent decline from the $0.3862 swing high to $0.3064 low. A clear move above the $0.3450 and $0.3500 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.3850 resistance. Any more gains might send the price towards the $0.4200 resistance.
An initial support on the downside is near the $0.3065 level. The next main support is near the $0.3000 zone. Any more losses could lead the price towards the $0.2800 level, below which the price might even test $0.2500.
Looking at the chart, ripple price is now trading below $0.3200 and the 55 simple moving average (4-hours). Overall, the price could gain pace if there is a clear move above the $0.3200 resistance zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.3060, $0.3000 and $0.2800.
Key Resistance Levels – $0.3200 and $0.3500.
