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HomeAltcoin NewsRipple Price Analysis: XRP At Risk of Reversal Below $0.675

Ripple Price Analysis: XRP At Risk of Reversal Below $0.675

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  • Ripple price started a fresh decline below the $0.785 zone against the US dollar.
  • The price is now trading below $0.725 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.715 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.675 support zone.

Ripple price is struggling below $0.765 against the US Dollar, similar to Bitcoin. XRP price could decline further if it settles below the $0.675 support in the near term.

Ripple Price Analysis

In the past few days, Ripple price started a fresh decline from well above $0.820 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.80 level.

The bears were able to push the price below the $0.785 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.70 support. A low is formed near $0.6734 and the price is now attempting a recovery wave.

There was a move above the $0.70 level. Besides, there was a break above a key bearish trend line with resistance near $0.715 on the 4-hour chart of the XRP/USD pair.

XRP is now trading below $0.725 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.7155, and the 23.6% Fib retracement level of the downward move from the $0.8525 swing high to the $0.6734 low.

The next major resistance is near the $0.765 level. It is near the 50% Fib retracement level of the downward move from the $0.8525 swing high to the $0.6734 low.

A clear move above $0.765 might start a fresh increase. In the stated case, the price could even surpass the $0.785 resistance. Any more gains might send the price toward the $0.820 resistance. Initial support on the downside is near $0.6750. The next major support is near the $0.650 level. Any more losses could lead the price toward the $0.620 level, below which the price might even test $0.60.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading below the $0.725 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.675 support zone.

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 – $0.700, $0.6750, and $0.650.

Key Resistance Levels – $0.7155 and $0.7650.

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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