- 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.
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.
