- Ripple price started a fresh decline below the $0.685 zone against the US dollar.
- The price is now trading below $0.680 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it breaks the $0.626 support zone.
Ripple price is struggling below $0.685 against the US Dollar, similar to Bitcoin. XRP price could decline further if it settles below the $0.626 support in the near term.
Ripple Price Analysis
In the past few days, Ripple price started a fresh decline from well above $0.720 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.70 level.
The bears were able to push the price below the $0.685 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.60 support. A low is formed near $0.5926 and the price is now attempting a recovery wave.
There was a move above the $0.62 level. Besides, there was a break above a key bearish trend line with resistance near $0.640 on the 4-hour chart of the XRP/USD pair.
XRP is now trading below $0.685 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.665, and the 50% Fib retracement level of the downward move from the $0.7346 swing high to the $0.5926 low.
The next major resistance is near the $0.680 level. It is near the 61.8% Fib retracement level of the downward move from the $0.7346 swing high to the $0.5926 low.
A clear move above $0.680 might start a fresh increase. In the stated case, the price could even surpass the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance. Initial support on the downside is near $0.6260. The next major support is near the $0.60 level. Any more losses could lead the price toward the $0.58 level, below which the price might even test $0.565.
Looking at the chart, Ripple’s price is now trading below the $0.685 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.626 support 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 – $0.626, $0.60, and $0.580.
Key Resistance Levels – $0.664 and $0.680.
