Ripple Price Analysis: Bears In Action Below $0.40
Ripple price is struggling below $0.4000 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3650 to avoid more downsides in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction below the $0.4000 zone against the US Dollar. The XRP/USD pair declined below the $0.3880 support zone to move into a bearish zone.
The price even traded below the $0.3800 level. Finally, there was a move below the $0.3720 level. The price traded as low as $0.3663 and is currently attempting an upside correction. The price is now trading below $0.4000 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.3800. It is near the 23.6% Fib retracement level of the downward move from the $0.4204 swing high to $0.3663 low.
The next major resistance is near the $0.3820 level. There is also a key bearish trend line forming with resistance near $0.3820 on the 4-hours chart of the XRP/USD pair. The main resistance is near the $0.3950 zone. It is near the 50% Fib retracement level of the downward move from the $0.4204 swing high to $0.3663 low.
A clear move above the $0.3950 and $0.4000 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.4120 resistance. Any more gains might send the price towards the $0.425 resistance.
An initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level, below which the price could even test the $0.3320 support. Any more losses could lead the price towards the $0.3200 level, below which the price might even test $0.3000.
Ripple Price
Looking at the chart, ripple price is now trading below the $0.400 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.4000 resistance 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 – $0.3650, $0.3500 and $0.3200.
Key Resistance Levels – $0.3820 and $0.4000.
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