- Ripple price started a fresh decline from well above $0.8500 against the US dollar.
- The price is now trading below $0.80 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.7920 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend decline if there is a move below the $0.7320 support zone.
Ripple price is struggling below $0.8000 against the US Dollar, similar to bitcoin. XRP price must clear $0.8000 to start a fresh increase in the near term.
Ripple Price Analysis
After struggling to clear $0.8800, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.8200 support level to enter a bearish zone.
The price even broke the $0.8000 support and the 55 simple moving average (4-hours). Finally, there was a spike below the $0.7500 level. The price traded as low as $0.7326 and is currently consolidating losses. On the upside, the price is facing resistance near the $0.7600 zone.
The 23.6% Fib retracement level of the downward move from the $0.8500 swing high to $0.7326 low is also near the $0.7600 level. The next major resistance is near the $0.7900 level.
Besides, there is a key bearish trend line forming with resistance near $0.7920 on the 4-hours chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.8500 swing high to $0.7326 low.
The next key resistance is near the $0.8000 level. A clear move above the $0.8000 level might send the price towards the $0.8500 level. Any more gains could lead the price towards the $0.8800 level.
An initial support on the downside is near the $0.7320 level. The main support is near the $0.7200 zone. Any more losses could lead the price towards the $0.7000 level in the near term, below which the price might even test $0.6500.
Looking at the chart, ripple price is now trading below $0.8000 and the 55 simple moving average (4-hours). Overall, the price could start another increase if it manages to clear the $0.8000 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 below the 50 level.
Key Support Levels – $0.7320, $0.7200 and $0.7000.
Key Resistance Levels – $0.7900 and $0.8000.
