HomeAltcoin NewsRipple Price Analysis: XRP Could Resume Slide Below $0.62

Ripple Price Analysis: XRP Could Resume Slide Below $0.62

-

- Ad -
  • Ripple price started a fresh decline below the $0.685 zone against the US dollar.
  • The price is now trading below $0.680 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.626 support zone.

Ripple price is struggling below $0.685 against the US Dollar, similar to Bitcoin. XRP price could decline further if it settles below the $0.626 support in the near term.

Ripple Price Analysis

In the past few days, Ripple price started a fresh decline from well above $0.720 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.70 level.

The bears were able to push the price below the $0.685 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.60 support. A low is formed near $0.5926 and the price is now attempting a recovery wave.

There was a move above the $0.62 level. Besides, there was a break above a key bearish trend line with resistance near $0.640 on the 4-hour chart of the XRP/USD pair.

XRP is now trading below $0.685 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.665, and the 50% Fib retracement level of the downward move from the $0.7346 swing high to the $0.5926 low.

The next major resistance is near the $0.680 level. It is near the 61.8% Fib retracement level of the downward move from the $0.7346 swing high to the $0.5926 low.

A clear move above $0.680 might start a fresh increase. In the stated case, the price could even surpass the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance. Initial support on the downside is near $0.6260. The next major support is near the $0.60 level. Any more losses could lead the price toward the $0.58 level, below which the price might even test $0.565.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading below the $0.685 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.626 support zone.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.626, $0.60, and $0.580.

Key Resistance Levels – $0.664 and $0.680.

- Ad -
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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular