Friday , March 1 2024
Home / Altcoins / Ripple Price Analysis: Bears In Control Below $0.80

Ripple Price Analysis: Bears In Control Below $0.80

Summary:
Ripple price is trading above the key %excerpt%.8050 support zone against the US dollar. The price is now well below %excerpt%.8000 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near %excerpt%.8200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). The pair could continue to move down below the %excerpt%.7200 and %excerpt%.7000 support levels. Ripple price is trading in a bearish zone below %excerpt%.80 against the US Dollar. XRP price could correct higher, but upsides are likely to be limited below %excerpt%.8200. Ripple Price Analysis There was a strong rejection noted above %excerpt%.9200 in ripple price against the US Dollar. The XRP/USD pair broke the %excerpt%.90 and %excerpt%.88 support levels to move into a bearish zone. It even settled below the %excerpt%.82

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Aayush Jindal writes EOS Price Analysis: Why EOS Could Surge Toward

Aayush Jindal writes Litecoin (LTC) Price Analysis: Bulls In Action Above

Chayanika Deka writes Ripple Partners Axelar to Boost Real-World Asset (RWA) Tokenization on XRP Ledger

Bitcoin Schweiz News writes Bitcoin-Preis auf 60’000

  • Ripple price is trading above the key $0.8050 support zone against the US dollar.
  • The price is now well below $0.8000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down below the $0.7200 and $0.7000 support levels.

Ripple price is trading in a bearish zone below $0.80 against the US Dollar. XRP price could correct higher, but upsides are likely to be limited below $0.8200.

Ripple Price Analysis

There was a strong rejection noted above $0.9200 in ripple price against the US Dollar. The XRP/USD pair broke the $0.90 and $0.88 support levels to move into a bearish zone.

It even settled below the $0.82 level and the 55 simple moving average (4-hours). The price broke the $0.8000 support zone and it traded as low as $0.7334. The price is now showing bearish signs and it is struggling to stay above $0.7300.

It is well below $0.8000 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.7800 level. It is near the 23.6% Fib retracement level of the downward move from the $0.9292 swing high to $0.7334 low.

The next major resistance is near the $0.8000 level. The main resistance is near the $0.8200 zone. There is also a major bearish trend line forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.9292 swing high to $0.7334 low. The 55 simple moving average (4-hours) is also near $0.8300 to act as a major hurdle for the bulls. A break above $0.8200 and $0.8300 could open the doors for a move towards $0.9000.

If there is no upside break, the price could continue to move down below $0.730. The next support is near $0.70, below which the bears are likely to aim a larger decline.

Ripple Price

Ripple Price

Looking at the chart, ripple price is clearly facing hurdles near $0.8200 and the 55 simple moving average (4-hours). Overall, the price could continue to move down below the $0.7200 and $0.7000 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 well below the 50 level.

Key Support Levels – $0.72, $0.70 and $0.65.

Key Resistance Levels – $0.80 and $0.82.

Tags: ,

Leave a Reply

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