- 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.
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
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.