Ripple price surged towards the .0 level before correcting lower against the US dollar. The price is now trading below the .65 support and the 55 simple moving average (4-hours). There is a major declining channel forming with resistance near .620 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). The pair could extend its losses below .350 as long as it is below the .650 zone. Ripple price is struggling to hold gains above .350 resistance against the US Dollar. XRP price remains at a risk of more losses unless there is a break above .650. Ripple Price Analysis After forming a base above the .000 and .100 support levels, ripple price started a fresh rally against the US Dollar. The XRP/USD pair broke many hurdles near .5000 and
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- Ripple price surged towards the $2.0 level before correcting lower against the US dollar.
- The price is now trading below the $1.65 support and the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $1.620 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend its losses below $1.350 as long as it is below the $1.650 zone.
Ripple price is struggling to hold gains above $1.350 resistance against the US Dollar. XRP price remains at a risk of more losses unless there is a break above $1.650.
Ripple Price Analysis
After forming a base above the $1.000 and $1.100 support levels, ripple price started a fresh rally against the US Dollar. The XRP/USD pair broke many hurdles near $1.5000 and $1.650 to move into a positive zone.
It even attempted a test of the $2.00 level and settled above the 55 simple moving average (4-hours). A high was formed near $1.964 before there was a sharp downside correction. The price broke a couple of important supports near the $1.650 level.
There was also a break below the $1.500 level. The price is now trading below the $1.65 support and the 55 simple moving average (4-hours). A low is formed near $1.360 and it is now consolidating losses.
An initial resistance on the upside is near the $1.500 level. It is near the 23.6% Fib retracement level of the recent decline from the $1.964 high to $1.360 low. The 55 simple moving average (4-hours) is also near $1.500.
Moreover, there is a major declining channel forming with resistance near $1.620 on the 4-hours chart of the XRP/USD pair. The main resistance is near the $1.650 level. It is near the 50% Fib retracement level of the recent decline from the $1.964 high to $1.360 low.
A successful close above the channel resistance and then $1.650 is must for a fresh rally. The main target for the bulls above $1.650 might be $2.00 in the near term.
On the downside, the price could find a strong support near $1.350, below which the price might slide towards the $1.10 level.
Ripple Price
Looking at the chart, ripple price is clearly facing hurdles near the 55 simple moving average (4-hours) and $1.600. Overall, the price could extend its losses below $1.350 as long as it is below the $1.650 zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $1.360, $1.350 and $1.100.
Key Resistance Levels – $1.500 and $1.650.