Tuesday , November 29 2022
Home / Altcoins / Ripple Price Analysis: Bears Aim Test of $0.29

Ripple Price Analysis: Bears Aim Test of $0.29

Summary:
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: , , , ,

This could be interesting, too:

Nick Marinoff writes Elon Musk Is Still Holding onto Some BTC

Nick Marinoff writes Poll: Residents of El Salvador Aren’t Into BTC

Ibukun Ogundare writes Crypto Fraud in UK Claims 32% to £226M amid Recession

Tolu Ajiboye writes Carlyle Raises B Worth of Funding to Invest in European Tech

  • 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

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.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *