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HomeAltcoin NewsRipple Price Analysis: Bulls Could Take Hit Below $0.486

Ripple Price Analysis: Bulls Could Take Hit Below $0.486

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  • Ripple price is struggling to stay above the $0.486 support against the US dollar.
  • The price is now trading below $0.510 and the 55 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $0.5010 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another decline if it stays below $0.5085 and $0.5180.

Ripple price is struggling below $0.520 against the US Dollar, unlike Bitcoin. XRP price must stay above the $0.486 support to avoid a downside break.

Ripple Price Analysis

After finding bids near the $0.486, Ripple price attempted a recovery wave against the US Dollar. The XRP/USD pair traded as low as $0.4863 and recovered above $0.495.

The price even cleared the 23.6% Fib retracement level of the key decline from the $0.5490 swing high to the $0.4863 low. However, the bears were active near the $0.5085 resistance and the 55 simple moving average (4 hours).

The price failed to continue higher and started a fresh decline below $0.500. XRP is now trading below $0.510 and the 55 simple moving average (4 hours).

There is also a connecting bearish trend line forming with resistance near $0.5010 on the 4-hour chart of the XRP/USD pair. On the upside, the price is facing resistance near $0.502 and the trend line. The next major resistance is near the $0.5085 level.

The main resistance is now forming near the $0.5180 zone or the 50% Fib retracement level of the key decline from the $0.5490 swing high to the $0.4863 low. A clear move above the $0.5085 and $0.5180 levels might start a steady increase. In the stated case, the price could test the $0.535 resistance. Any more gains might send the price toward the $0.550 resistance.

Initial support on the downside is near the $0.490 level. The next major support is near the $0.486 level, below which the price could gain bearish momentum toward the $0.435 support. Any more losses could lead the price toward the $0.420 level.

Ripple Price
Ripple Price

Looking at the chart, Ripple price is now trading below the $0.510 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.5085 and $0.5180.

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 – $0.490, $0.486, and $0.435.

Key Resistance Levels – $0.5085 and $0.5180.

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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