HomeAltcoin NewsRipple Price Analysis: XRP At Risk of a Significant Losses Below $0.20

Ripple Price Analysis: XRP At Risk of a Significant Losses Below $0.20

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  • Ripple price failed to stay above $0.2050 and declined sharply against the US dollar.
  • The price is now trading in a bearish zone below the $0.2000 support level.
  • There is a major bearish trend line forming with resistance near $0.2000 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down towards the $0.1800 level as long as it is below $0.2000.

Ripple price is showing a bearish signs below $0.2000 against the US Dollar. XRP price could decline significantly if it fails to stay above the $0.1870 support zone.

Ripple Price Analysis

This past week, ripple price managed to climb above the $0.2000 pivot level against the US Dollar. The XRP/USD pair even broke the $0.2050 level, but it struggled to continue above $0.2075 and $0.2080.

The bulls made many attempts to gain strength above $0.2075, but they failed. As a result, there was a sharp decline below the $0.2000 support level. The price even settled below the $0.2000 level and the 55 simple moving average (4-hours).

It tested the $0.1900 support level. Besides, the price found support near the 50% Fib retracement level of the upward move from the $0.1742 low to $0.2076 high.

Ripple price is currently consolidating losses above the $0.1900 level. On the upside, an initial resistance is near the $0.1950 level. The main resistance on the upside is near the $0.2000 level and the 55 simple moving average (4-hours).

More importantly, there is a major bearish trend line forming with resistance near $0.2000 on the 4-hours chart of the XRP/USD pair. If the pair manages to clear the trend line and the $0.2000 barrier, there could be a fresh increase.

In the mentioned case, there are chances of an upside break above the $0.2075 and $0.2080 resistance levels for a larger upward move. Conversely, the price might fail to recover and extend its decline below the $0.1900 support.

The next key support is near the $0.1870 level or the 61.8% Fib retracement level of the upward move from the $0.1742 low to $0.2076 high. Any further losses could lead the price towards the $0.1800 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.2000 resistance. Therefore, it could continue to move down towards the $0.1800 level as long as it is below $0.2000

Technical indicators

4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 55 level.

Key Support Levels – $0.1900, $0.1870 and $0.1800.

Key Resistance Levels – $0.2000 and $0.2075.

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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