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HomeAltcoin NewsRipple Price Analysis: Can XRP Hold This Key Support?

Ripple Price Analysis: Can XRP Hold This Key Support?

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  • Ripple price declined heavily below the $0.2640 support zone against the US dollar.
  • The price is currently consolidating above the key $0.2215 support level.
  • There is a major bearish trend line forming with resistance near $0.2375 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair must climb above $0.2375 and $0.2465 to start a decent recovery in the coming sessions.

Ripple price is currently consolidating above $0.2200 against the US Dollar. XRP price remains at a risk of more downsides if it fails to recover above $0.2465.

Ripple Price Analysis

This past week, ripple price started a nasty decline from well above the $0.2700 level against the US Dollar. XRP/USD broke a few key supports near the $0.2500 level to enter a bearish zone.

Moreover, there was a close below the $0.2400 level and the 55 simple moving average (4-hours). The price traded as low as $0.2215 and it is currently consolidating losses.

An initial resistance is seen near the $0.2365 level. It represents the 23.6% Fib retracement level of the downward move from the $0.2852 high to $0.2215 low. There is also a major bearish trend line forming with resistance near $0.2375 on the 4-hours chart of the XRP/USD pair.

Therefore, ripple price must surpass the $0.2365 and $0.2375 resistance levels to start a decent recovery. The next resistance is near the $0.2465 level (the previous support).

The main resistance is near the $0.2520 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downward move from the $0.2852 high to $0.2215 low.

If the price manages to recover above the $0.2520 resistance and the 55 SMA, it could start a massive rally. The next stops for the bulls may perhaps be near the $0.2640 and $0.2800 levels.

Conversely, the price might struggle to climb above the $0.2365 and $0.2375 resistance levels. In the mentioned case, there is a risk of more downsides below the $0.2240 and $0.2215 levels in the near term. Then next major support is near the $0.2200 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly preparing for the next major move either above $0.2375 or below $0.2215. A clear break below $0.2215 could be very deadly and the price might even dive below $0.2200.

Technical indicators

4 hours MACD – The MACD for XRP/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 40 level.

Key Support Levels – $0.2240, $0.2215 and $0.2200.

Key Resistance Levels – $0.2375 and $0.2465.

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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