HomeAltcoin NewsRipple Price Analysis: Bears In Control Below $1.15

Ripple Price Analysis: Bears In Control Below $1.15

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  • Ripple price started a fresh decline from the $1.20 resistance against the US dollar.
  • The price is now trading below $1.12 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.11 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down unless there is a clear break above $1.12.

Ripple price is showing bearish signs below $1.12 against the US Dollar, unlike bitcoin. XRP price must clear $1.12 for a decent increase in the near term.

Ripple Price Analysis

After forming a base above $1.020, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.12 and $1.15 resistance levels to move into a positive zone.

However, the price failed to gain strength for a move above the $1.165 level. A high was formed near $1.164 before there was a fresh decline. There was a break below the $1.150 pivot level and the 55 simple moving average (4-hours).

The price even spiked below the $1.08 support level. A low is formed near $1.054 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $1.164 swing high to $1.054 low.

XRP is now facing resistance near the $1.10 level and the 55 simple moving average (4-hours). On the upside, an initial hurdle is near the $1.10 level. It is close to the 50% Fib retracement level of the recent decline from the $1.164 swing high to $1.054 low.

There is also a major bearish trend line forming with resistance near $1.11 on the 4-hours chart of the XRP/USD pair. The next key resistance is near the $1.12 level. Any more gains could lead the price towards the $1.20 level.

On the downside, an initial support is near the $1.065 level. The first major support is near the $1.05 level. Any more losses could lead the price towards the $1.00 level in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading below $1.12 and the 55 simple moving average (4-hours). Overall, the price could continue to move down unless there is a clear break above $1.12.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Key Support Levels – $1.065, $1.05 and $1.00.

Key Resistance Levels – $1.12 and $1.15.

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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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