XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?
Ripple is gaining bearish momentum below $0.45 against the US Dollar. XRP price is at risk of more losses if it breaks the $0.40 support.
- Ripple started a fresh decline from the $0.470 zone against the US dollar.
- The price is now trading below $0.450 and the 100 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might decline further if it stays below the $0.445 and $0.450 resistance levels.
Ripple Price Breaks Support
This past week, Ripple’s XRP attempted a fresh increase above the $0.465 level against the US Dollar. However, the bears remained active near the $0.47 level. A high was formed near $0.4704 and the price declined, similar to Bitcoin and Ethereum.
There was a clear move below the $0.450 and $0.445 support levels. A low is formed near $0.4100 and the price is now consolidating losses. It is trading below $0.450 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair.
Initial resistance is near the $0.440 zone. It is close to the 50% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low.
Source: XRPUSD on TradingView.com
The first major resistance is near the $0.450 level and the trend line. The 61.8% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low is also near the trend line. A successful break above the $0.445 and $0.450 resistance levels might send the price toward the $0.470 resistance. Any more gains might call for a test of the $0.535 resistance.
More Losses in XRP?
If ripple fails to clear the $0.450 resistance zone, it could continue to move down. Initial support on the downside is near the $0.410 zone.
The next major support is near $0.40. If there is a downside break and a close below the $0.40 level, XRP’s price could extend losses. In the stated case, the price could test the $0.380 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.410, $0.400, and $0.380.
Major Resistance Levels – $0.445, $0.450, and $0.470.
Source: Read Full Article