- Ripple price started a downside correction below the $0.820 zone against the US dollar.
- The price is now trading below $0.80 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.738 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase above the $0.750 resistance.
Ripple price is consolidating near $0.720 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.70 support to start a fresh increase.
Ripple Price Analysis
This past week, Ripple price made another attempt to clear the $0.850 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.850 and started a downside correction.
There was a move below the $0.820 and $0.800 support levels. However, the bulls were active above the $0.70 support. A low is formed near $0.715 and the price is now consolidating losses. XRP is now trading below $0.80 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near $0.735. There is also a key bearish trend line forming with resistance near $0.738 on the 4-hour chart of the XRP/USD pair.
The trend line is near the 23.6% Fib retracement level of the downward move from the $0.8525 swing high to the $0.7156 low. The next major resistance is near the $0.750 level. A clear move above the $0.750 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.785 resistance or the 50% Fib retracement level of the downward move from the $0.8525 swing high to the $0.7156 low. Any more gains might send the price toward the $0.850 resistance.
Initial support on the downside is near the $0.715 level. The next major support is near the $0.70 level. Any more losses could lead the price toward the $0.650 level, below which the price might even test the $0.620 support zone in the near term.
Looking at the chart, Ripple’s price is now trading below the $0.80 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.75 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.715, $0.700, and $0.650.
Key Resistance Levels – $0.735 and $0.750.
