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HomeAltcoin NewsRipple Price Analysis: XRP Trading Near Make-or-Break Levels

Ripple Price Analysis: XRP Trading Near Make-or-Break Levels

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  • Ripple price declined recently and broke an important support at $0.3400 against the US dollar.
  • There was a break below a crucial contracting triangle with support at $0.3620 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
  • The pair tested the key $0.3185 support, below which it could test the $0.2975 support.

Ripple price moved into a bearish zone below $0.3400 against the US Dollar. XRP must hold $0.3185 or it might decline towards $0.2975 and $0.2920 in the near term.

Ripple Price Analysis

In the last analysis, we discussed a possible upside break if ripple price clear the $0.3900 resistance against the US Dollar. However, the XRP/USD pair struggled to gain momentum above the $0.3900 and $0.3920 levels. As a result, there was a bearish reaction and the price declined below the $0.3800 and $0.3600 support levels. The decline was strong as the price broke the key support near $0.3620 and the 55 simple moving average (4-hours).

More importantly, there was a break below a crucial contracting triangle with support at $0.3620 on the 4-hours chart of the XRP/USD pair. The price even broke the $0.3200 level and tested the next main support at $0.3185. A low was formed near $0.3185 and the price later started an upside correction. An initial resistance is near the $0.3360 level. It coincides with the 23.6% Fib retracement level of the recent downside move from the $0.3917 high to $0.3185 low. However, the main resistance is near the $0.3550 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent downside move from the $0.3917 high to $0.3185 low is also positioned near $0.3550.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading above the key $0.3185 support. It could correct higher in the short term, but buyers are likely to struggle near $0.3550. On the downside, if there is a break below $0.3185, the next important support is at $0.3000 and $0.2975.

Technical indicators

4-hours MACD – The MACD for XRP/USD is showing negative signs in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Key Support Level – $0.3185

Key Resistance Level – $0.3550

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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