- XRP price started a fresh decline below the $0.620 zone against the US dollar.
- The price is now trading below $0.600 and the 55 simple moving average (4 hours).
- There was a break below a key rising channel with support at $0.6125 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it breaks the $0.588 support zone.
XRP price is struggling below $0.620 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.588 support in the near term.
XRP Price Analysis
In the past few days, Ripple’s XRP price started a fresh decline from well above $0.650 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.620 level.
The bears were able to push the price below the $0.600 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.588 support. A low was formed near $0.5723 before there was an upside correction.
However, the price struggled near $0.6385 and is now moving lower. There was a break below a key rising channel with support at $0.6125 on the 4-hour chart of the XRP/USD pair.
XRP is now trading below $0.600 and the 55 simple moving average (4 hours). Initial support on the downside is near $0.605. It is close to the 50% Fib retracement level of the upward move from the $0.5732 swing low to the $0.6385 high.
The next major support is near the $0.588 level or the 76.4% Fib retracement level of the upward move from the $0.5732 swing low to the $0.6385 high. Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.520.
On the upside, the price is facing resistance near $0.620. The next major resistance is near the $0.635 level. A clear move above $0.635 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 $0.785 resistance.
Looking at the chart, XRP price is now trading below the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.588 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 – $0.605, $0.588, and $0.550.
Key Resistance Levels – $0.620 and $0.635.
