HomeAltcoin NewsRipple Price Analysis: Bulls Struggle Above $0.40

Ripple Price Analysis: Bulls Struggle Above $0.40

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  • Ripple price started a fresh decline from the $0.4180 resistance against the US dollar.
  • The price is now trading near $0.3880 and near the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.3720 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down towards the $0.332 support if it fails to stay above $0.3720.

Ripple price is struggling below $0.400 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3720 to attempt a fresh increase in the near term.

Ripple Price Analysis

This past week, ripple price saw a bearish reaction from the $0.4180 zone against the US Dollar. The XRP/USD pair declined below the $0.4050 support zone to move into a short-term bearish zone.

The price even traded below the $0.3920 level. There was a spike below the 50% Fib retracement level of the upward move from the $0.3452 swing low to $0.4179 high. The price is now trading near $0.3880 and near the 55 simple moving average (4-hours).

An initial support on the downside is near the $0.3800 level. The next major support is near the $0.3720 level. There is also a key bullish trend line forming with support near $0.3720 on the 4-hours chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $0.3452 swing low to $0.4179 high.

The next major support is near the $0.3655 level. Any more losses could lead the price towards the $0.3320 level, below which the price might even test $0.3200.

On the upside, the price is facing resistance near $0.3920. The next major resistance is near the $0.4000 level. The main resistance is near the $0.4180 zone. A clear move above the $0.415 and $0.418 resistance zones might start a fresh increase.

In the stated case, the price could even surpass the $0.445 resistance. Any more gains might send the price towards the $0.485 resistance.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading near the $0.388 zone and near the 55 simple moving average (4-hours). Overall, the price could continue to move down towards the $0.332 support if it fails to stay above $0.3720.

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 – $0.3720, $0.3320 and $0.3200.

Key Resistance Levels – $0.4000 and $0.4180.

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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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