- 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.
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.
