HomeAltcoin NewsRipple Price Analysis: Key Barrier Sits at $0.68

Ripple Price Analysis: Key Barrier Sits at $0.68

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  • Ripple price is facing resistance near the $0.680 level against the US dollar.
  • The price is now trading near $0.625 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.635 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another decline if it stays below $0.665 and $0.680.

Ripple price is struggling below $0.665 against the US Dollar, unlike Bitcoin. XRP price must stay above the $0.620 support to start a recovery wave.

Ripple Price Analysis

After struggling to stay above $0.680, Ripple price started a fresh decline against the US Dollar. The XRP/USD pair gained bearish momentum below the 0.665 support zone.

The bears were able to push the price below the $0.62 support. A low was formed near $0.5926 and the pair is now attempting a recovery wave. There was a test of the 50% Fib retracement level of the downward move from the $0.7346 swing high to the $0.5926 low.

The price is now trading near $0.625 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.635 on the 4-hour chart of the XRP/USD pair.

On the upside, the price is facing resistance near $0.635. The next major resistance is near the $0.665 level. A clear move above the $0.665 resistance zone might start a steady increase. In the stated case, the price could test the $0.680 resistance.

The 61.8% Fib retracement level of the downward move from the $0.7346 swing high to the $0.5926 low is near $0.680 to act as a barrier. Any more gains might send the price toward the $0.720 resistance.

Initial support on the downside is near the $0.620 level. The next major support is near the $0.600 level, below which the price could accelerate lower toward the $0.5850 support. Any more losses could lead the price toward the $0.550 level.

Ripple Price
Ripple Price

Looking at the chart, Ripple price is now trading near the $0.625 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.665 and $0.680.

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 below the 50 level.

Key Support Levels – $0.620, $0.600, and $0.585.

Key Resistance Levels – $0.665 and $0.680.

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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