HomeAltcoin NewsRipple Price Analysis: Chances of More Losses Below $0.24

Ripple Price Analysis: Chances of More Losses Below $0.24

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  • Ripple price started a fresh decline after it faced as strong resistance near $0.2600 against the US dollar.
  • The price is now trading well below the $0.2480 pivot level and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.2500 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to continue lower if there is a clear break below the $0.2380 support.

Ripple price is trading is a negative zone below $0.2500 against the US Dollar. XRP price is likely to continue lower if fails to recover above $0.2450 and $0.2480.

Ripple Price Analysis

In the past few sessions, there was a steady decline in ripple price from the $0.2600 resistance against the US Dollar. The XRP/USD pair formed a high near $0.2599 before it started a fresh decline.

There was a break below the $0.2520 and $0.2500 support levels. Moreover, there was a break below a key bullish trend line with support near $0.2500 on the 4-hours chart of the XRP/USD pair. The pair even broke the $0.2450 support and settled well below the 55 simple moving average (4-hours).

A low is formed near $0.2379 and the price is currently consolidating losses above $0.2400. An initial resistance is near the $0.2430 level since it is close to the 23.6% Fib retracement level of the recent decline from the $0.2599 high to $0.2379 low.

It seems like there is a short-term contracting triangle forming with resistance near $0.2430 level. If there is an upside break above the $0.2430 resistance, the price might recover above $0.2450.

The next major resistance is near the $0.2485 level. It is close to the 50% Fib retracement level of the recent decline from the $0.2599 high to $0.2379 low, and the 55 simple moving average (4-hours). A close above the $0.2485 resistance and the 55 simple moving average (4-hours) is must for a possible bullish break.

Conversely, the price might decline below the $0.2400 and $0.2380 support levels to continue lower. The next major support is near the $0.2350 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading well below the $0.2480 pivot level and the 55 simple moving average (4-hours). Therefore, the price is likely to continue lower if there is a clear break below the $0.2380 support.

Technical indicators

4 hours MACD – The MACD for XRP/USD is showing negative signs in the bullish zone.

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

Key Support Levels – $0.2400, $0.2380 and $0.2350.

Key Resistance Levels – $0.2430 and $0.2480.

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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