HomeAltcoin NewsXRP Price Analysis: Bulls Struggle To Clear Key Hurdles

XRP Price Analysis: Bulls Struggle To Clear Key Hurdles

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  • XRP price started a fresh decline from the $0.5550 resistance against the US dollar.
  • The price is now trading below $0.540 and the 55 simple moving average (4 hours).
  • There is a key bearish trend forming with resistance near $0.5300 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.510 support zone.

XRP price is struggling below $0.555 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.510 support in the near term.

XRP Price Analysis

In the past few sessions, Ripple’s XRP price started a fresh decline from the $0.5550 zone against the US Dollar. The XRP/USD pair stayed below the $0.535 level and extended its decline.

The bears were able to push the price below the $0.5120 support. A low was formed near $0.4961, and the price is now consolidating losses. There was a minor increase above the $0.5120 level. The price climbed above the 50% Fib retracement level of the downward move from the $0.5548 swing high to the $0.4961 low.

XRP is now trading below $0.535 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $0.5300 level. There is also a key bearish trend forming with resistance near the $0.5300 on the 4-hour chart of the XRP/USD pair.

It is near the 61.8% Fib retracement level of the downward move from the $0.5548 swing high to the $0.4961 low. The next major resistance is near the $0.5410 level.

A clear move above $0.5410 might start a fresh increase. In the stated case, the price could even surpass the $0.5550 resistance. Any more gains might send the price toward the $0.600 resistance.

Initial support on the downside is near $0.510. The next major support is near the $0.4960 level. The main support sits at $0.4850. Any more losses could lead the price toward the $0.450 level, below which the price might even test $0.425.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.545 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.510 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 – $0.510, $0.500, and $0.496.

Key Resistance Levels – $0.530 and $0.555.

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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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