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HomeAltcoin NewsRipple Price Analysis: Risk of Downside Break Below $0.7

Ripple Price Analysis: Risk of Downside Break Below $0.7

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  • Ripple price is struggling to stay above the $0.70 zone against the US dollar.
  • The price is now trading below $0.75 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.7550 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down if there is a clear move below the $0.7000 support.

Ripple price is trading in a bearish zone below $0.8000 against the US Dollar, unlike bitcoin. XRP price must stay above $0.7000 to avoid more downsides.

Ripple Price Analysis

In the past few sessions, ripple price attempted an upside break above $0.8000 against the US Dollar. However, the XRP/USD pair failed to gain strength for a move above $0.8000.

As a result, there was a bearish reaction below $0.7800. The price declined below the $0.7620 support level and the 55 simple moving average (4-hours). There was a clear move below the 23.6% Fib retracement level of the upward move from the $0.6208 swing low to $0.8045 high.

The price even broke the $0.7500 support and spiked below $0.7200. It is now consolidating near the 50% Fib retracement level of the upward move from the $0.6208 swing low to $0.8045 high.

An immediate support on the downside is near the $0.7080 level. The next major support is near the $0.7000 level. Any more losses could lead the price towards the $0.6650 level in the near term, below which the price might even test $0.6200.

On the upside, an immediate resistance is near the $0.7350 level. The next key resistance is near the $0.7500 level. There is also a major bearish trend line forming with resistance near $0.7550 on the 4-hours chart of the XRP/USD pair.

Any more gains could lead the price towards the $0.7900 level. The main hurdle is still near $0.8000, above which the price could start a major increase to $0.9000.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading below $0.7500 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a clear move below the $0.7000 support.

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 below the 50 level.

Key Support Levels – $0.7080, $0.7000 and $0.6650.

Key Resistance Levels – $0.7350 and $0.7500.

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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