- Ripple price is facing resistance near the $0.535 level against the US dollar.
- The price is now trading below $0.525 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start another decline if it stays below $0.540 and $0.564.
Ripple price is struggling below $0.540 against the US Dollar, like Bitcoin. XRP price must stay above the $0.485 support to start a recovery wave.
Ripple Price Analysis
After a major decline, Ripple price found support near the $0.400 zone against the US Dollar. The XRP/USD pair remained well-bid above the $0.40 and recently started an upside correction.
A low was formed near $0.3994 before the pair started a recovery wave. There was a move above the $0.45 resistance zone. The price climbed above the 38.2% Fib retracement level of the main decline from the $0.6360 swing high to the $0.3994 low.
However, the price seems to be struggling to settle above the $0.535 resistance. It is close to the 50% Fib retracement level of the main decline from the $0.6360 swing high to the $0.3994 low.
The price is now trading below $0.525 and the 55 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair.
On the upside, the price is facing resistance near $0.535. The next major resistance is near the $0.540 level and the trend line. A clear move above the $0.540 resistance zone might start a steady increase. In the stated case, the price could test the $0.565 resistance. Any more gains might send the price toward the $0.602 resistance.
Initial support on the downside is near the $0.505 level. The next major support is near the $0.485 level, below which the price could accelerate lower toward the $0.450 support. Any more losses could lead the price toward the $0.420 level.
Looking at the chart, Ripple price is now trading below the $0.535 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.540 and $0.564.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.505, $0.485, and $0.450.
Key Resistance Levels – $0.535 and $0.565.
