- Ripple price started a fresh decline below the $0.3800 zone against the US dollar.
- The price is now trading below $0.3550 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it stays below the $0.3500 resistance zone.
Ripple price is struggling below $0.3550 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3000 to avoid more downsides in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction below the $0.3800 zone against the US Dollar. The XRP/USD pair declined below the $0.3720 support zone to move into a bearish zone.
The price even traded below the $0.3550 level. Finally, there was a move below the $0.3200 level. The price traded as low as $0.3159 and is currently attempting an upside correction. The price is now trading below $0.3550 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.3300. It is near the 23.6% Fib retracement level of the downward move from the $0.3800 swing high to $0.3159 low.
The next major resistance is near the $0.3400 level. There is also a key bearish trend line forming with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair. The main resistance is near the $0.3500 zone. It is near the 50% Fib retracement level of the downward move from the $0.3800 swing high to $0.3159 low.
A clear move above the $0.3480 and $0.3500 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.3740 resistance. Any more gains might send the price towards the $0.400 resistance.
An initial support on the downside is near the $0.3200 level. The next major support is near the $0.3150 level, below which the price could even test the $0.300 support. Any more losses could lead the price towards the $0.2800 level, below which the price might even test $0.2650.
Looking at the chart, ripple price is now trading below the $0.355 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.3000 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 – $0.3200, $0.3150 and $0.300.
Key Resistance Levels – $0.3400 and $0.3500.
