Ripple price started a fresh decline from the %excerpt%.3700 resistance against the US dollar. The price is now trading below %excerpt%.340 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near %excerpt%.3400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). The pair could continue to move down if it breaks the %excerpt%.320 and %excerpt%.318 support levels. Ripple price is declining below %excerpt%.350 against the US Dollar, similar to bitcoin. XRP price must stay above %excerpt%.3000 to avoid more losses in the near term. Ripple Price Analysis After forming a base near the %excerpt%.3310 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the %excerpt%.3500 resistance zone. The price even broke the %excerpt%.3550
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Ripple, Trading, XRP
This could be interesting, too:
Emily John writes Ripple Unveils Institutional Roadmap Driving XRP Ledger Growth
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Emily John writes XRP Eyes Breakout – Will the Final Wave Spark a Rally?
- Ripple price started a fresh decline from the $0.3700 resistance against the US dollar.
- The price is now trading below $0.340 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down if it breaks the $0.320 and $0.318 support levels.
Ripple price is declining below $0.350 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3000 to avoid more losses in the near term.
Ripple Price Analysis
After forming a base near the $0.3310 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3500 resistance zone.
The price even broke the $0.3550 resistance and the 55 simple moving average (4-hours). However, there was no move above the $0.3700 resistance zone. A high was formed near $0.3706 before there was a fresh decline. The price declined below the $0.3500 support zone.
There was a clear move below the $0.3400 level and the 55 simple moving average (4-hours). The pair traded as low as $0.3194 and is currently consolidating losses.
On the upside, the price is facing resistance near $0.3315. It is near the 23.6% Fib retracement level of the recent decline from the $0.3706 swing high to $0.3194 low. The next major resistance is near the $0.3400 level. There is also a key bearish trend line forming with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair.
It is close to the 50% Fib retracement level of the recent decline from the $0.3706 swing high to $0.3194 low. A clear move above the $0.3400 and $0.3450 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.350 resistance. Any more gains might send the price towards the $0.380 resistance. An initial support on the downside is near the $0.3180 level.
The next major support is near the $0.3000 level. Any more losses could lead the price towards the $0.2900 level, below which the price might even test $0.2750.
Ripple Price
Looking at the chart, ripple price is now trading below the $0.3500 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.320 and $0.318 support levels.
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 – $0.3180, $0.3000 and $0.2900.
Key Resistance Levels – $0.3400 and $0.3500.