HomeAltcoin NewsRipple Price Analysis: Risk of Drop Below $1.05

Ripple Price Analysis: Risk of Drop Below $1.05

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  • Ripple price started a fresh decline from the $1.15 resistance against the US dollar.
  • The price is now trading below $1.08 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $1.070 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 $1.05.

Ripple price is showing bearish signs below $1.10 against the US Dollar, unlike bitcoin. XRP price must clear $1.15 for a fresh increase in the near term.

Ripple Price Analysis

After a downside spike below $1.00, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.05 and $1.10 resistance levels to move into a positive zone.

The pair even surpassed the $1.120 resistance and the 55 simple moving average (4-hours). However, the price failed to gain strength for a move above the $1.15 level. A high was formed near $1.152 before there was a fresh decline.

There was a break above the 23.6% Fib retracement level of the upward move from the $0.9538 swing low to $1.152 swing high. The price is now trading below $1.08 and the 55 simple moving average (4-hours).

On the downside, an initial support is near the $1.072 level. There is also a key bullish trend line forming with support near $1.070 on the 4-hours chart of the XRP/USD pair. The first major support is near the $1.052 level. It is close to the 50% Fib retracement level of the upward move from the $0.9538 swing low to $1.152 swing high.

Any more losses could lead the price towards the $1.00 level in the near term. On the upside, XRP is facing resistance near the $1.08 level and the 55 simple moving average (4-hours).

The next key resistance is near the $1.12. 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 $1.30 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading below $1.08 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a clear break below $1.05.

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 – $1.072, $1.05 and $1.00.

Key Resistance Levels – $1.12 and $1.20.

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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