37 C
Dubai
Sunday, May 26, 2024
HomeAltcoin NewsRipple Price Analysis: Risk of Drop Below $1.00

Ripple Price Analysis: Risk of Drop Below $1.00

Date:

Related stories

  • Ripple price started a fresh decline from the $1.20 resistance against the US dollar.
  • The price is now trading below $1.10 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $1.06 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 break below $1.00.

Ripple price is showing bearish signs below $1.06 against the US Dollar, unlike bitcoin. XRP price remains at a risk of more losses below the $1.00 support.

Ripple Price Analysis

After a minor upward move, ripple price faced sellers near the $1.20 level against the US Dollar. The XRP/USD pair started a fresh decline below the $1.15 support zone.

The pair even declined below the $1.05 support and the 55 simple moving average (4-hours). The price even spiked below $1.02, and the price is now consolidating losses. A low is formed near $1.018 and it is now facing a lot of hurdles.

On the upside, XRP is facing resistance near the $1.05 level. There is also a key bearish trend line forming with resistance near $1.06 on the 4-hours chart of the XRP/USD pair.

The trend line is close to the 23.6% Fib retracement level of the downward move from the $1.219 swing high to $1.018 low. The next key resistance is near the $1.12 level and the 55 simple moving average (4-hours).

It is near the 50% Fib retracement level of the downward move from the $1.219 swing high to $1.018 low. A close above the $1.12 could increase the chances of a break above the key $1.15 resistance zone. The next major resistance is near the $1.20 level. Any more gains could lead the price towards the $1.25 level.

On the downside, an initial support is near the $1.002 level. The first major support is near the $1.00 level. Any more losses could lead the price towards the $0.92 level in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading below $1.05 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a clear break below $1.00.

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 now below the 50 level.

Key Support Levels – $1.00, $0.95 and $0.92.

Key Resistance Levels – $1.05 and $1.12.

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.

Subscribe

Latest stories