HomeAltcoin NewsRipple Price Analysis: Recovery Faces Resistance Near $0.88

Ripple Price Analysis: Recovery Faces Resistance Near $0.88

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  • Ripple price started a fresh decline from the $0.95 resistance against the US dollar.
  • The price is now trading below $0.90 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.8750 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 $0.8880.

Ripple price is showing bearish signs below $0.92 against the US Dollar, unlike bitcoin. XRP price remains at a risk of more losses below the $0.7820 support.

Ripple Price Analysis

After a minor upward move, ripple price faced sellers near the $0.9500 level against the US Dollar. The XRP/USD pair started a fresh decline below the $0.9200 support zone.

The pair even declined below the $0.8880 support and the 55 simple moving average (4-hours). There was a test of the 50% Fib retracement level of the upward move from the $0.6315 swing low to $0.9344 high. It even tested the $0.7800 support zone.

On the downside, an initial support is near the $0.7820 level. The first major support is near the $0.7500 level. It is near the 61.8% Fib retracement level of the upward move from the $0.6315 swing low to $0.9344 high. Any more losses could lead the price towards the $0.7000 level in the near term.

On the upside, the price is facing resistance near the $0.8500 level. The next key resistance is near the $0.8700 level. There is also a key bearish trend line forming with resistance near $0.8750 on the 4-hours chart of the XRP/USD pair.

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 $0.950 level. Any more gains could lead the price towards the $1.10 level. An intermediate resistance might be near the $1.00 level.

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 $0.8880.

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 still below the 50 level.

Key Support Levels – $0.7800, $0.75 and $0.70.

Key Resistance Levels – $0.8800 and $0.9200.

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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