- Ripple price started a fresh decline from the $0.4100 resistance against the US dollar.
- The price is now trading near $0.3940 and near the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.3900 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start a fresh increase if it clears the $0.400 and $0.410 resistance levels.
Ripple price is struggling below $0.410 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3740 to attempt a fresh increase in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.4100 zone against the US Dollar. The XRP/USD pair declined below the $0.4020 support zone to move into a short-term bearish zone.
The price even traded below the $0.4000 level. There was a spike below the 50% Fib retracement level of the bullish wave from the $0.3747 swing low to $0.4108 high. The price is now trading near $0.3940 and near the 55 simple moving average (4-hours).
An initial support on the downside is near the $0.3900 level. There is also a major bullish trend line forming with support near $0.3900 on the 4-hours chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the bullish wave from the $0.3747 swing low to $0.4108 high.
The next major support is near the $0.3740 level. The next major support is near the $0.3650 level. Any more losses could lead the price towards the $0.3300 level, below which the price might even test $0.3200.
On the upside, the price is facing resistance near $0.4000. The next major resistance is near the $0.4100 level. The main resistance is near the $0.4175 zone. A clear move above the $0.4175 and $0.420 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.450 resistance. Any more gains might send the price towards the $0.500 resistance.
Looking at the chart, ripple price is now trading near the $0.394 zone and near the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $0.400 and $0.410 resistance levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.3900, $0.3740 and $0.3300.
Key Resistance Levels – $0.4000 and $0.4100.
