- 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.
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.
