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HomeAltcoin NewsRipple Price Analysis: Bears Keep Protecting $0.40

Ripple Price Analysis: Bears Keep Protecting $0.40

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  • Ripple price started a fresh decline from the $0.400 zone against the US dollar.
  • The price is now trading above $0.3700 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.3780 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it stays below the $0.400 resistance zone.

Ripple price is struggling below $0.400 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3720 to avoid more downsides in the near term.

Ripple Price Analysis

This past week, ripple price attempted an upside break above the $0.4000 zone against the US Dollar. The XRP/USD pair failed to gain bullish momentum and formed a high near $0.4010.

The price declined below the $0.3950 support zone to move into a bearish zone. There was a move below the 23.6% Fib retracement level of the upward move from the $0.3571 swing low to $0.4010 high. However, it is still trading above $0.3700 and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $0.3780 on the 4-hours chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.3571 swing low to $0.4010 high.

On the upside, the price is facing resistance near $0.3850. The next major resistance is near the $0.3950 level. The main resistance is near the $0.4000 zone.

A clear move above the $0.3950 and $0.4000 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.4120 resistance. Any more gains might send the price towards the $0.432 resistance.

An initial support on the downside is near the $0.3780. The next major support is near the $0.3720 level. Any more losses could lead the price towards the $0.3580 level, below which the price might even test $0.3500.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading above the $0.3750 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.400 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 above the 50 level.

Key Support Levels – $0.3780, $0.3720 and $0.3570.

Key Resistance Levels – $0.3950 and $0.4000.

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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