- Ripple price started a fresh decline from the $0.4050 zone against the US dollar.
- The price is now trading above $0.3850 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3950 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it stays below the $0.4050 resistance zone.
Ripple price is struggling below $0.4050 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3780 to avoid more downsides in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction below the $0.3800 zone against the US Dollar. The XRP/USD pair declined below the $0.3650 support zone to move into a bearish zone.
The pair traded as low $0.3620 before there was a decent recovery wave. The price was able to climb above the $0.3850 resistance zone and the 55 simple moving average (4-hours). It even spiked above the $0.4000 level before the bears appeared near $0.4050.
A high is formed near $0.4044 and the price is now trading in a range. On the upside, the price is facing resistance near $0.3940. There is also a key bearish trend line forming with resistance near $0.3950 on the 4-hours chart of the XRP/USD pair.
The next major resistance is near the $0.4000 level. The main resistance is near the $0.4050 zone. A clear move above the $0.4040 and $0.4050 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.4150 resistance. Any more gains might send the price towards the $0.435 resistance.
An initial support on the downside is near the $0.3830. It is near the 50% Fib retracement level of the upward move from the $0.3621 swing low to $0.4044 high.
The next major support is near the $0.3780 level or the 61.8% Fib retracement level of the upward move from the $0.3621 swing low to $0.4044 high, below which the price could even test the $0.3620 support. Any more losses could lead the price towards the $0.3500 level, below which the price might even test $0.3200.
Looking at the chart, ripple price is now trading above the $0.380 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.4050 resistance zone.
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 near the 50 level.
Key Support Levels – $0.3780, $0.3620 and $0.3500.
Key Resistance Levels – $0.3950 and $0.4050.
