- Ripple price started a fresh decline from the $0.8000 zone against the US dollar.
- The price is now trading below $0.76 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.7700 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend decline if there is a move below the $0.7200 support zone.
Ripple price is struggling below $0.7800 against the US Dollar, similar to bitcoin. XRP price must clear $0.7800 to start a fresh increase in the near term.
Ripple Price Analysis
After struggling to clear $0.8000, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.7800 support level to enter a bearish zone.
The price even broke the $0.7600 support and the 55 simple moving average (4-hours). The bears were able to push the price below the 50% Fib retracement level of the upward move from the $0.6824 swing low to $0.7990 high.
Finally, there was a spike below the $0.7400 level. The price is currently gaining bearish momentum below $0.7400. On the upside, the price is facing resistance near the $0.7600 zone.
The next major resistance is near the $0.7700 level. There is also a major bearish trend line forming with resistance near $0.7700 on the 4-hours chart of the XRP/USD pair. The main resistance is near the $0.7800 level. A clear move above the $0.7800 level might send the price towards the $0.8000 level. Any more gains could lead the price towards the $0.8500 level.
An initial support on the downside is near the $0.7270 level. It is near the 61.8% Fib retracement level of the upward move from the $0.6824 swing low to $0.7990 high.
The main support is near the $0.7200 zone. Any more losses could lead the price towards the $0.7000 level in the near term, below which the price might even test $0.6600.
Looking at the chart, ripple price is now trading below $0.7800 and the 55 simple moving average (4-hours). Overall, the price could start another increase if it manages to clear the $0.7800 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 – $0.7270, $0.7200 and $0.7000.
Key Resistance Levels – $0.7800 and $0.8000.
