HomeAltcoin NewsRipple Price Analysis: Risk of More Downsides Below $0.8

Ripple Price Analysis: Risk of More Downsides Below $0.8

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  • Ripple price is struggling to climb above the $0.95 and $1.05 resistance levels against the US dollar.
  • The price is now trading well below $1.00 and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near the $0.9240 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend its decline as long as it is below the $1.05 resistance zone.

Ripple price is trading in a bearish zone below $1.00 against the US Dollar. XRP price remains at a risk of more losses below the $0.80 support in the near term.

Ripple Price Analysis

Recently, ripple price started a decent recovery from the $0.6500 zone against the US Dollar. The XRP/USD pair climbed above the $0.800 and $0.900 resistance levels.

There was also a break above the $1.00 barrier. However, the price failed to clear the $1.10 resistance zone and the 55 simple moving average (4-hours). A high was formed near $1.07 and the price recently started a fresh decline.

There was a break below the $0.90 support zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.6513 swing low to $1.077 swing high.

It is now trading well below $1.00 and the 55 simple moving average (4-hours). There is also a key declining channel forming with resistance near the $0.9240 on the 4-hours chart of the XRP/USD pair. An immediate support is near the $0.815 level.

The 61.8% Fib retracement level of the upward move from the $0.6513 swing low to $1.077 swing high is also near the $0.814 level. Any more losses could lead the price towards the $0.75 support. The next major support is near the $0.6500 zone.

If there is an upside break above the channel resistance, the price could rise towards the $1.00 resistance. The next major resistance is near the $1.05 level. A clear break above $1.05 could set the pace for a larger increase.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading well below $1.00 and the 55 simple moving average (4-hours). Overall, the price could extend its decline as long as it is below the $1.05 resistance zone.

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 just below the 50 level.

Key Support Levels – $0.84, $0.75 and $0.650.

Key Resistance Levels – $0.95 and $1.05.

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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