- Ripple price started a fresh decline from the $0.490 zone against the US dollar.
- The price is now trading below $0.480 and the 55 simple moving average (4 hours).
- There is a key rising channel forming with support near $0.4550 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it stays below the $0.490 resistance zone.
Ripple price is struggling below $0.490 against the US Dollar, similar to Bitcoin. XRP price could decline heavily if it breaks the $0.440 support in the near term.
Ripple Price Analysis
This past week, Ripple price attempted an upside break above the $0.500 zone against the US Dollar. The XRP/USD pair failed to gain bullish momentum and formed a high near $0.4868.
The price started a fresh bearish wave and declined below the $0.4750 support. It even traded below the $0.470 level and spiked below the 55 simple moving average (4 hours). It is now testing the 50% Fib retracement level of the upward move from the $0.4322 swing low to the $0.4868 high.
XRP is now trading below $0.480 and the 55 simple moving average (4 hours). Besides, there is a key rising channel forming with support near $0.4550 on the 4-hour chart of the XRP/USD pair.
On the upside, the price is facing resistance near $0.470. The next major resistance is near the $0.485 level. A clear move above the $0.4850 and $0.4900 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.5000 resistance. Any more gains might send the price toward the $0.520 resistance.
Initial support on the downside is near $0.460. The next major support is near the $0.455 level and the channel trend line. It is close to the 61.8% Fib retracement level of the upward move from the $0.4322 swing low to the $0.4868 high. Any more losses could lead the price toward the $0.440 level, below which the price might even test $0.4000.
Looking at the chart, Ripple’s price is now trading below the $0.490 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it stays below the $0.490 resistance zone.
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 – $0.4600, $0.4550, and $0.4400.
Key Resistance Levels – $0.4850 and $0.4900.
