- Ripple price started a fresh decline from the $0.6000 zone against the US dollar.
- The price is now trading below $0.50 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.4200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend declines if there is a clear move below the $0.40 support zone.
Ripple price is struggling below $0.5000 against the US Dollar, similar to bitcoin. XRP price must clear $0.4550 to start a fresh recovery wave in the near term.
Ripple Price Analysis
After struggling to clear $0.6000, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.5500 support level to enter a bearish zone.
The price even broke the $0.5000 support and the 55 simple moving average (4-hours). It even spiked below the $0.3500 level and traded as low as $0.3346. Recently, there was an upside correction above the $0.4000 resistance level.
However, the price failed to surpass $0.4500 and started another decline. There was a break below the 23.6% Fib retracement level of the upward move from the $0.3346 swing low to $0.4639 high.
An initial support on the downside is near the $0.4020 level. The next main support is near the $0.4000 zone. It is near the 50% Fib retracement level of the upward move from the $0.3346 swing low to $0.4639 high. Any more losses could lead the price towards the $0.3500 level in the near term, below which the price might even test $0.3200.
On the upside, the price is facing resistance near $0.4200 and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.4200 on the 4-hours chart of the XRP/USD pair.
A clear move above the $0.4200 and $0.4500 levels might send the price towards the $0.5000 level. Any more gains could lead the price towards the $0.5500 level.
Looking at the chart, ripple price is now trading below $0.5000 and the 55 simple moving average (4-hours). Overall, the price could extend declines if there is a clear move below the $0.40 support 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 below the 50 level.
Key Support Levels – $0.4000, $0.3500 and $0.3200.
Key Resistance Levels – $0.4200 and $0.4500.
