HomeAltcoin NewsRipple Price Analysis: Recovery Could Be Limited Above $0.88

Ripple Price Analysis: Recovery Could Be Limited Above $0.88

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  • 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.

Ripple Price
Ripple Price

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.

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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