- Ripple price is struggling to gain pace above the $0.82 zone against the US dollar.
- The price is now trading below $0.80 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move up if it clears the $0.8200 resistance level.
Ripple price is trading in a bullish zone above $0.7500 against the US Dollar, unlike bitcoin. XRP price could start a fresh increase if it clears the $0.8200 resistance zone.
Ripple Price Analysis
In the past few days, ripple price gained pace and settled above $0.7500 against the US Dollar. The XRP/USD pair even broke the $0.8200 resistance zone to move into a positive zone.
Finally, there was a spike above the $0.9000 level. A high was formed near $0.9165 before there was a downside correction. There was a break below the $0.8500 and $0.8200 support levels. The price even declined below the 23.6% Fib retracement level of the key increase from the $0.5895 swing low to $0.9165 high.
The pair even declined below the $0.8000 level and the 55 simple moving average (4-hours). However, the bulls were active above the $0.7500 support zone.
XRP is stable above the 50% Fib retracement level of the key increase from the $0.5895 swing low to $0.9165 high. An immediate resistance is near the $0.8000 level and the 55 simple moving average (4-hours). The next key resistance is near the $0.8200 level.
There is also a major bearish trend line forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair. Any more gains could lead the price towards the $0.9000 level. If there is no upside break above $0.8200, the price could continue to move down.
An immediate support on the downside is near the $0.7600 level. The next major support is near the $0.7500 level. Any more losses could lead the price towards the $0.7000 level in the near term.
Looking at the chart, ripple price is now trading below $0.8000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.8200 resistance level.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.
Key Support Levels – $0.7600, $0.7500 and $0.7000.
Key Resistance Levels – $0.8000 and $0.8200.
