HomeAltcoin NewsRipple Price Analysis: Bulls Struggle Below $0.36

Ripple Price Analysis: Bulls Struggle Below $0.36

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  • Ripple price started a fresh decline below the $0.3900 zone against the US dollar.
  • The price is now trading below $0.3700 and the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $0.3495 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it stays below the $0.3600 resistance zone.

Ripple price is struggling below $0.370 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3400 to avoid more downsides in the near term.

Ripple Price Analysis

This past week, ripple price saw a bearish reaction below the $0.3900 zone against the US Dollar. The XRP/USD pair declined below the $0.3780 support zone to move into a bearish zone.

The price even traded below the $0.3700 level. Finally, there was a move below the $0.3600 level. The price traded as low as $0.3350 before there was an upside correction. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.3966 swing high to $0.3350 low.

However, the bears were active near the $0.3550 resistance. As a result, there was another decline below $0.3500. There was also a break below a key contracting triangle with support near $0.3495 on the 4-hours chart of the XRP/USD pair.

The price is now trading below $0.3700 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3400 level. The next major support is near the $0.3350 level, below which the price could even test the $0.3200 support.

Any more losses could lead the price towards the $0.3120 level, below which the price might even test $0.3000. On the upside, the price is facing resistance near $0.3550.

The next major resistance is near the $0.3660 level or the 50% Fib retracement level of the downward move from the $0.3966 swing high to $0.3350 low. The main resistance is near the $0.3740 zone. A clear move above the $0.3740 and $0.3750 resistance zones might start a fresh increase.

In the stated case, the price could even surpass the $0.395 resistance. Any more gains might send the price towards the $0.412 resistance.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading below the $0.370 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.3600 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 below the 50 level.

Key Support Levels – $0.3400, $0.3350 and $0.3120.

Key Resistance Levels – $0.3550 and $0.3680.

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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