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HomeAltcoin NewsRipple Price Analysis: XRP At Risk Of Significant Losses

Ripple Price Analysis: XRP At Risk Of Significant Losses

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  • Ripple price remained below the key $0.3400 and $0.3450 resistance levels against the US dollar.
  • There was a break below a major contracting triangle with support at $0.3245 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
  • The pair is currently trading well below the $0.3320 support and it remains at a risk of more losses below $0.3150.

Ripple price is under a lot of selling pressure below $0.3320 and $0.3400 against the US Dollar. XRP may perhaps continue to move down below the $0.3100 and $0.3060 supports.

Ripple Price Analysis

There was no major upward move in ripple price above the $0.3400 and $0.3450 resistances against the US Dollar. The XRP/USD pair settled below the $0.3400 support and the 55 simple moving average (4-hours). This past week, there were mostly range moves above the $0.3200 support. The price made another attempt to clear the $0.3400 and $0.3450 resistances, but it failed. As a result, there was a sharp drop below $0.3320 and $0.3250. XRP even moved below the $0.3200 support and traded as low as $0.3151.

Moreover, there was a break below a major contracting triangle with support at $0.3245 on the 4-hours chart of the XRP/USD pair. At the moment, the pair is consolidating losses above the $0.3160 level. An initial hurdle is near the 23.6% Fib retracement level of the recent slide from the $0.3484 high to $0.3151 low. Above $0.3230, the next major hurdles are near $0.3280 and $0.3300. Besides, the 50% Fib retracement level of the recent slide from the $0.3484 high to $0.3151 low is at $0.3320 along with the 55 simple moving average (4-hours). Therefore, the price is likely to face a strong selling interest near $0.3300 and $0.3320.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading with a lot of bearish signs below $0.3320. If there is a downside break below $0.3150, the price could accelerate losses towards $0.3100, $0.3060 or $0.3010.

Technical indicators

4-hours MACD – The MACD for XRP/USD is placed heavily in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 35 level.

Key Support Level – $0.3150

Key Resistance Level – $0.3320

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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