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HomeAltcoin NewsRipple Price Analysis: Bears Aim Fresh Drop To $0.485

Ripple Price Analysis: Bears Aim Fresh Drop To $0.485

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  • Ripple price is facing resistance near the $0.535 level against the US dollar.
  • The price is now trading below $0.525 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another decline if it stays below $0.540 and $0.564.

Ripple price is struggling below $0.540 against the US Dollar, like Bitcoin. XRP price must stay above the $0.485 support to start a recovery wave.

Ripple Price Analysis

After a major decline, Ripple price found support near the $0.400 zone against the US Dollar. The XRP/USD pair remained well-bid above the $0.40 and recently started an upside correction.

A low was formed near $0.3994 before the pair started a recovery wave. There was a move above the $0.45 resistance zone. The price climbed above the 38.2% Fib retracement level of the main decline from the $0.6360 swing high to the $0.3994 low.

However, the price seems to be struggling to settle above the $0.535 resistance. It is close to the 50% Fib retracement level of the main decline from the $0.6360 swing high to the $0.3994 low.

The price is now trading below $0.525 and the 55 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair.

On the upside, the price is facing resistance near $0.535. The next major resistance is near the $0.540 level and the trend line. A clear move above the $0.540 resistance zone might start a steady increase. In the stated case, the price could test the $0.565 resistance. Any more gains might send the price toward the $0.602 resistance.

Initial support on the downside is near the $0.505 level. The next major support is near the $0.485 level, below which the price could accelerate lower toward the $0.450 support. Any more losses could lead the price toward the $0.420 level.

Ripple Price
Ripple Price

Looking at the chart, Ripple price is now trading below the $0.535 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.540 and $0.564.

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 – $0.505, $0.485, and $0.450.

Key Resistance Levels – $0.535 and $0.565.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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