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HomeAltcoin NewsRipple Price Analysis: Can Bulls Clear This Key Hurdle?

Ripple Price Analysis: Can Bulls Clear This Key Hurdle?

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  • Ripple price is facing resistance near the $0.550 level against the US dollar.
  • The price is now trading below $0.520 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another decline if it stays below $0.535 and $0.550.

Ripple price is struggling below $0.550 against the US Dollar, like Bitcoin. XRP price must stay above the $0.486 support to start a decent increase.

Ripple Price Analysis

After a fresh decline, Ripple price found support near the $0.486 zone against the US Dollar. The XRP/USD pair remained well-bid above $0.485 and recently started an upside correction.

A low was formed near $0.4863 before the pair started a recovery wave. There was a move above the $0.50 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5490 swing high to the $0.4863 low.

However, the price seems to be struggling to settle above the $0.520 resistance. There is also a key bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair.

The price is now trading below $0.520 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.512 and the trend line. The next major resistance is near the $0.518 level or the 50% Fib retracement level of the downward move from the $0.5490 swing high to the $0.4863 low or the 55 simple moving average (4 hours).

A clear move above the $0.518 and $0.520 levels might start a steady increase. In the stated case, the price could test the $0.550 resistance. Any more gains might send the price toward the $0.585 resistance.

Initial support on the downside is near the $0.500 level. The next major support is near the $0.486 level, below which the price could accelerate lower 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 $0.520 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.520 and $0.550.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Key Support Levels – $0.500, $0.486, and $0.435.

Key Resistance Levels – $0.550 and $0.550.

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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