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.
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.
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.
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