HomeAltcoin NewsRipple Price Analysis: Bears In Control Below $0.80

Ripple Price Analysis: Bears In Control Below $0.80

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  • 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.

Ripple Price
Ripple Price

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.

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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