- Ripple price started a fresh decline from the $0.3550 resistance against the US dollar.
- The price is now trading below $0.332 and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $0.3500 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could decline heavily if there is a clear move below the $0.3050 support.
Ripple price is struggling below $0.3500 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3200 and $0.3050 to avoid more losses.
Ripple Price Analysis
After forming a base near the $0.3060 zone, ripple price started a fresh recovery against the US Dollar. The XRP/USD pair was able to clear the $0.3200 resistance zone.
The price even broke the $0.3320 resistance and the 55 simple moving average (4-hours). However, the price failed to gain strength above the $0.3550 zone. A high was formed near $0.3557 and the price started a fresh decline.
There was a move below the $0.3320 support. It even traded below the 50% Fib retracement level of the upward move from the $0.3064 swing low to $0.3557 high.
It is now trading below $0.332 and the 55 simple moving average (4-hours). XRP is also close to the 76.4% Fib retracement level of the upward move from the $0.3064 swing low to $0.3557 high. Besides, there is a major contracting triangle forming with resistance near $0.3500 on the 4-hours chart of the XRP/USD pair.
On the upside, the price is facing resistance near $0.3320. The next major resistance is near the $0.3500 level. A clear move above the $0.3500 and $0.3550 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.3750 resistance. Any more gains might send the price towards the $0.4000 resistance.
An initial support on the downside is near the $0.3200 level. The next main support is near the $0.3050 zone. Any more losses could lead the price towards the $0.2880 level, below which the price might even test $0.2550.
Looking at the chart, ripple price is now trading below $0.3320 and the 55 simple moving average (4-hours). Overall, the price could decline heavily if there is a clear move below the $0.3050 support.
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 below the 50 level.
Key Support Levels – $0.3200, $0.3050 and $0.2880.
Key Resistance Levels – $0.3320 and $0.3500.
