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HomeAltcoin NewsRipple Price Analysis: Risk of a Larger Decline

Ripple Price Analysis: Risk of a Larger Decline

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  • Ripple price failed to settle above $1.30 and corrected lower against the US dollar.
  • The price is now trading below $1.20 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $1.210 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down as long as it is below $1.200 and $1.205.

Ripple price is holding gains above the $1.00 support against the US Dollar, similar to bitcoin. XRP price must stay above $1.05 to avoid a major downside break.

Ripple Price Analysis

Recently, ripple price made an attempt to surpass the $1.30 resistance zone against the US Dollar. The XRP/USD pair failed to continue higher above the $1.30 resistance and started a fresh decline.

It broke the $1.25 and $1.22 support levels. There was also a break below a major bullish trend line with support near $1.210 on the 4-hours chart of the XRP/USD pair.

The pair even broke the $1.15 level and traded as low as $1.049. It is now trading below $1.20 and the 55 simple moving average (4-hours). Recently, there was an upside correction above the $1.15 level. The price surpassed the 50% Fib retracement level of the downward move from the $1.302 high to $1.049 low.

The price is now facing hurdles near $1.180 and the 55 simple moving average (4-hours). There is also a connecting bearish trend line with resistance near $1.18 level. The next major resistance is near the $1.20 level.

The 61.8% Fib retracement level of the downward move from the $1.302 high to $1.049 low is also near $1.205. To start a fresh rally, the price must clear the $1.205 resistance.  In the stated case, the price could rise towards the $1.30 level.

On the downside, an initial support is near the $1.10 level. The next major support is near the $1.05 level. Any more losses could lead the price towards the 0.885 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading well below $1.20 and the 55 simple moving average (4-hours). Overall, the price could continue to move down as long as it is below $1.200 and $1.205.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Key Support Levels – $1.10, $1.05 and $1.00.

Key Resistance Levels – $1.20 and $1.30.

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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