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.
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.
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.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin…