- Ripple price started a fresh decline below the $0.785 zone against the US dollar.
- The price is now trading below $0.725 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.715 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it breaks the $0.675 support zone.
Ripple price is struggling below $0.765 against the US Dollar, similar to Bitcoin. XRP price could decline further if it settles below the $0.675 support in the near term.
Ripple Price Analysis
In the past few days, Ripple price started a fresh decline from well above $0.820 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.80 level.
The bears were able to push the price below the $0.785 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.70 support. A low is formed near $0.6734 and the price is now attempting a recovery wave.
There was a move above the $0.70 level. Besides, there was a break above a key bearish trend line with resistance near $0.715 on the 4-hour chart of the XRP/USD pair.
XRP is now trading below $0.725 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.7155, and the 23.6% Fib retracement level of the downward move from the $0.8525 swing high to the $0.6734 low.
The next major resistance is near the $0.765 level. It is near the 50% Fib retracement level of the downward move from the $0.8525 swing high to the $0.6734 low.
A clear move above $0.765 might start a fresh increase. In the stated case, the price could even surpass the $0.785 resistance. Any more gains might send the price toward the $0.820 resistance. Initial support on the downside is near $0.6750. The next major support is near the $0.650 level. Any more losses could lead the price toward the $0.620 level, below which the price might even test $0.60.
Looking at the chart, Ripple’s price is now trading below the $0.725 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.675 support 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 – $0.700, $0.6750, and $0.650.
Key Resistance Levels – $0.7155 and $0.7650.
