- Ripple price started a fresh increase from the $0.7800 zone against the US dollar.
- The price is now trading below $0.85 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.8450 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start another increase if it manages to clear the $0.8500 resistance zone.
Ripple price is struggling to surpass $0.8500 against the US Dollar, similar to bitcoin. XRP price must clear $0.8500 to continue higher in the near term.
Ripple Price Analysis
After a sharp decline, ripple price found support near the $0.7800 zone against the US Dollar. The XRP/USD pair traded as low as $0.7819 and recently started a fresh increase.
The price broke the $0.8000 zone to enter a positive zone. There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.9113 swing high to $0.7819 low. However, the price faces a major hurdle near the $0.8500 zone and the 55 simple moving average (4-hours).
The price also failed near the 50% Fib retracement level of the downward move from the $0.9113 swing high to $0.7819 low. There is also a key bearish trend line forming with resistance near $0.8450 on the 4-hours chart of the XRP/USD pair.
The price is now trading below $0.85 and the 55 simple moving average (4-hours). An initial support is near the $0.8200 level. The main support is near the $0.8000 zone. Any more losses could lead the price towards the $0.7800 level in the near term, below which the price might even test $0.7500.
On the upside, the price is facing resistance near the $0.8450 zone. The next key resistance is near the $0.8500 level. A clear move above the $0.8500 level might send the price towards the $0.9000 level. Any more gains could lead the price towards the $0.9500 level.
Looking at the chart, ripple price is now trading below $0.8500 and the 55 simple moving average (4-hours). Overall, the price could start another increase if it manages to clear the $0.8500 resistance zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.8200, $0.8000 and $0.7800.
Key Resistance Levels – $0.8450 and $0.8500.
