Ripple Price Analysis: Risk of Another Bearish Wave
Ripple price is struggling below $0.400 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3720 to avoid more downsides in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.4180 zone against the US Dollar. The XRP/USD pair declined below the $0.4000 support zone to move into a short-term bearish zone.
The price even traded below the $0.3900 level. There was a break below a major bullish trend line with support near $0.3900 on the 4-hours chart of the XRP/USD pair. The pair slowly moved below the 50% Fib retracement level of the upward move from the $0.3452 swing low to $0.4179 high.
The price is now trading below $0.3900 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3720 level. It is close to the 61.8% Fib retracement level of the upward move from the $0.3452 swing low to $0.4179 high.
The next major support is near the $0.3450 level, below which the price could even test the $0.3220 support. Any more losses could lead the price towards the $0.3120 level, below which the price might even test $0.3000.
On the upside, the price is facing resistance near $0.3900 and the 55 simple moving average (4-hours). The next major resistance is near the $0.4000 level. The main resistance is near the $0.4180 zone. A clear move above the $0.418 and $0.420 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.432 resistance. Any more gains might send the price towards the $0.480 resistance.
Ripple Price
Looking at the chart, ripple price is now trading below the $0.390 zone and the 55 simple moving average (4-hours). Overall, the price could gain bearish momentum if it breaks the $0.3720 support zone.
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 – $0.3720, $0.3450 and $0.3220.
Key Resistance Levels – $0.3900 and $0.4000.
Source: Read Full Article
