HomeAltcoin NewsRipple Price Analysis: Upsides Could Be Limited Above $0.58

Ripple Price Analysis: Upsides Could Be Limited Above $0.58

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  • Ripple price is facing resistance near the $0.580 level against the US dollar.
  • The price is now trading below $0.565 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another decline if it stays below $0.565 and $0.580.

Ripple price is struggling below $0.580 against the US Dollar, unlike Bitcoin. XRP price must stay above the $0.50 support to start a recovery wave.

Ripple Price Analysis

After struggling to clear the $0.680 resistance, Ripple price started a fresh decline against the US Dollar. The XRP/USD pair gained bearish momentum below the 0.625 support zone.

The bears were able to push the price below the $0.50 support. A low was formed near $0.3994 and the pair is now attempting a recovery wave. There was a move above the $0.50 pivot level. The price climbed above the 50% Fib retracement level of the downward move from the $0.6362 swing high to the $0.3994 low.

The price is now trading below $0.565 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP/USD pair.

On the upside, the price is facing resistance near $0.545. It is close to the 61.8% Fib retracement level of the downward move from the $0.6362 swing high to the $0.3994 low. The next major resistance is near the $0.580 level.

A clear move above the $0.580 resistance zone might start a steady increase. In the stated case, the price could test the $0.600 resistance. Any more gains might send the price toward the $0.625 resistance.

Initial support on the downside is near the $0.515 level. The next major support is near the $0.500 level, below which the price could accelerate lower toward the $0.450 support. Any more losses could lead the price toward the $0.420 level.

Ripple Price
Ripple Price

Looking at the chart, Ripple price is now trading below the $0.580 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.565 and $0.580.

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 below the 50 level.

Key Support Levels – $0.515, $0.500, and $0.450.

Key Resistance Levels – $0.545 and $0.580.

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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