HomeAltcoin NewsRipple Price Analysis: XRP Trading Near Breakdown Support Zone

Ripple Price Analysis: XRP Trading Near Breakdown Support Zone

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  • Ripple price is trading in a bearish zone below the $0.1945 resistance zone against the US dollar.
  • The price failed to correct above $0.1945 and it is now trading near the $0.1850 support.
  • There are two bearish trend lines forming with resistance near $0.1920 and $0.1960 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair remains at a risk of more losses below the $0.1850 and $0.1820 support levels.

Ripple price is under pressure and trading well below $0.1920 against the US Dollar. XRP price is likely to decline sharply below the $0.1850 support level in the near term.

Ripple Price Analysis

This past week, ripple price declined sharply from well above $0.2000 against the US Dollar. The XRP/USD pair broke the key $0.1950 support level and the 55 simple moving average (4-hours) to move into a bearish zone.

It traded as low as $0.1844 before it started an upside correction. There was a break above the $0.1920 resistance zone. Besides, the price climbed above the 23.6% Fib retracement level of the recent decline from the $0.2041 high to $0.1844 low.

However, the upward move was capped by the $0.1945 resistance zone. The 50% Fib retracement level of the recent decline from the $0.2041 high to $0.1844 low is also acting as a resistance.

It seems like there are two bearish trend lines forming with resistance near $0.1920 and $0.1960 on the 4-hours chart of the XRP/USD pair. The pair is currently declining and trading below the $0.1900 pivot level.

On the downside, the $0.1845 level is an immediate support, below which the price could decline sharply. The next support is seen near the $0.1805 level. Any further losses might lead the price towards the $0.1750 level.

Conversely, the price might start an upside correction above the $0.1900 level. The first key resistance is near the $0.1945 level. The main resistance is now near the $0.1980 level and the 55 simple moving average (4-hours), above which the price could turn bullish in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading near a key breakdown support at $0.1845. It could either decline sharply below $0.1800 or it might start a decent recovery wave above $0.1900 and $0.1945.

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 near the 30 level.

Key Support Levels – $0.1845, $0.1805 and $0.1750.

Key Resistance Levels – $0.1945 and $0.1980.

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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