Ripple Price Analysis: Upsides Remain Capped Near $0.38
Ripple price is struggling below $0.3840 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3520 to avoid more downsides in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.4000 zone against the US Dollar. The XRP/USD pair declined below the $0.3850 support zone to move into a bearish zone.
The recent move was such that the price declined below $0.3800 and the 55 simple moving average (4-hours). The price even spiked below the $0.3550 level and traded as low as $0.3518. It is now correcting losses above the $0.355 level.
There was a move above the 23.6% Fib retracement level of the downward move from the $0.4011 swing high to $0.3518 low. The price is now trading below $0.3850 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.3750. There is also a key bearish trend line forming with resistance near $0.3750 on the 4-hours chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $0.4011 swing high to $0.3518 low.
The next major resistance is near the $0.3800 level. The main resistance is near the $0.3840 zone. A clear move above the $0.3800 and $0.3840 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.4020 resistance. Any more gains might send the price towards the $0.425 resistance.
An initial support on the downside is near the $0.3600. The next major support is near the $0.3520 level or the last swing low. Any more losses could lead the price towards the $0.3350 level, below which the price might even test $0.3200.
Ripple Price
Looking at the chart, ripple price is now trading below the $0.380 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.3840 resistance zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.3600, $0.3550 and $0.3520.
Key Resistance Levels – $0.3750 and $0.3840.
Source: Read Full Article
