- Ripple price started a fresh decline from the $1.05 resistance against the US dollar.
- The price is now trading below $0.90 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.8800 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down if there is no recovery wave above $0.90.
Ripple price is showing bearish signs below $0.90 against the US Dollar, unlike bitcoin. XRP price remains at a risk of more losses below the $0.8000 support.
Ripple Price Analysis
After a minor upward move, ripple price faced sellers near the $1.05 level against the US Dollar. The XRP/USD pair started a fresh decline below the $1.00 support zone.
The pair even declined below the $0.90 support and the 55 simple moving average (4-hours). The price even spiked below $0.75, and the price is now correcting losses. A low is formed near $0.6315 and it is now recovering losses.
There was a break above the $0.7500 and $0.8000 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $1.030 swing high to $0.6315 low.
However, the price is facing resistance near the $0.8500 level. The next key resistance is near the $0.88 level. There is also a key bearish trend line forming with resistance near $0.8800 on the 4-hours chart of the XRP/USD pair.
It is close to the 61.8% Fib retracement level of the downward move from the $1.030 swing high to $0.6315 low. A close above the $0.88 level could increase the chances of a break above the key $0.90 resistance zone. The next major resistance is near the $1.00 level. Any more gains could lead the price towards the $1.05 level.
On the downside, an initial support is near the $0.800 level. The first major support is near the $0.780 level. Any more losses could lead the price towards the $0.750 level in the near term.
Looking at the chart, ripple price is now trading below $0.90 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is no recovery wave above $0.90.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.
Key Support Levels – $0.80, $0.75 and $0.70.
Key Resistance Levels – $0.88 and $0.90.
