HomeAltcoin NewsXRP Price Analysis: Bulls Face An Uphill Task

XRP Price Analysis: Bulls Face An Uphill Task

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  • XRP price started a fresh decline from the $0.624 resistance against the US dollar.
  • The price is now trading above $0.580 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.562 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.540 support zone.

XRP price is struggling below $0.600 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.540 support in the near term.

XRP Price Analysis

In the past few sessions, Ripple’s XRP price started a fresh decline from the $0.624 zone against the US Dollar. The XRP/USD pair stayed below the $0.600 level and extended its decline.

The bears were able to push the price below the $0.585 support. The pair broke the 23.6% Fib retracement level of the upward move from the $0.4540 swing low to the $0.6238 high. It is now trading above $0.580 and the 55 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $0.562 on the 4-hour chart of the XRP/USD pair. Initial support on the downside is near $0.565 or the trend line.

The next major support is near the $0.540 level or the 50% Fib retracement level of the upward move from the $0.4540 swing low to the $0.6238 high. The main support sits at $0.518. Any more losses could lead the price toward the $0.494 level, below which the price might even test $0.455.

On the upside, the price is facing resistance near $0.595. The next major resistance is near the $0.624 level. A clear move above $0.624 might start a fresh increase. In the stated case, the price could even surpass the $0.650 resistance. Any more gains might send the price toward the $0.680 resistance.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.580 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.540 support zone.

Technical indicators

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

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

Key Support Levels – $0.562, $0.540, and $0.518.

Key Resistance Levels – $0.595 and $0.624.

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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