HomeAltcoin NewsXRP Price Analysis: Risk of Downside Thrust Escalate

XRP Price Analysis: Risk of Downside Thrust Escalate

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  • XRP price started a fresh decline from the $0.5400 resistance against the US dollar.
  • The price is now trading below $0.5350 and the 55 simple moving average (4 hours).
  • There is a connecting bearish trend forming with resistance near $0.5180 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.500 support zone.

XRP price is struggling below $0.5350 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.500 support in the near term.

XRP Price Analysis

In the past few sessions, Ripple’s XRP price started a fresh decline from the $0.5400 zone against the US Dollar. The XRP/USD pair stayed below the $0.5320 level and extended its decline.

The bears were able to push the price below the $0.5220 support. The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $0.4850 swing low to the $0.5270 high. The price is now consolidating near the $0.500 support.

The bulls are protecting the 61.8% Fib retracement level of the recovery wave from the $0.4850 swing low to the $0.5270 high. XRP is now trading below $0.532 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $0.5165 level. There is also a connecting bearish trend forming with resistance near $0.5180 on the 4-hour chart of the XRP/USD pair. The next major resistance is near the $0.5250 level.

A clear move above $0.5250 might start a fresh increase. In the stated case, the price could even surpass the $0.5400 resistance. Any more gains might send the price toward the $0.5650 resistance.

Initial support on the downside is near $0.500. The next major support is near the $0.4850 level. 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, the price is now trading below the $0.5320 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.500 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 – $0.500, $0.485, and $0.450.

Key Resistance Levels – $0.518 and $0.525.

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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