Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ripple struggled to clear the $0.550 resistance against the US Dollar. XRP price is now moving lower and might drop further similar to bitcoin.
- Ripple faced a strong selling interest near the $0.55 zone against the US dollar.
- The price is now trading below $0.500 and the 100 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $0.4940 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could decline heavily if there is a clear move below the $0.4650 support.
Ripple’s XRP Price Starts Decline
This past week, ripple’s XRP started a steady increase from the $0.4500 support zone. There was a clear move above the $0.480 and $0.505 resistance levels.
The price climbed above the $0.520 resistance, outperforming bitcoin and ethereum’s ether. However, the bulls failed once again to clear the key $0.550 resistance zone. A high was formed near $0.5486 and the price started a fresh decline.
XRP price declined below the $0.52 and $0.50 support levels. There was a move below the 50% Fib retracement level of the upward move from the $0.4417 swing low to $0.5486 high.
Besides, there was a break below a key bullish trend line with support near $0.4940 on the 4-hours chart of the XRP/USD pair. The price is now trading below $0.500 and the 100 simple moving average (4-hours).’
Source: XRPUSD on TradingView.com
On the upside, the price is facing resistance near the $0.4825 level. The first major resistance is near the $0.500 zone. A successful break above the $0.50 and $0.505 resistance levels could spark another rally. The next key resistance is near the $0.520 level, above which the bulls are likely to aim a retest of the $0.55 barrier.
Downside Break in XRP?
If ripple fails to start a fresh increase above the $0.50 level, it could continue to move down. An initial support on the downside is near the $0.465 level. It is near the 61.8% Fib retracement level of the upward move from the $0.4417 swing low to $0.5486 high.
If there is a downside break and close below the $0.465 level, xrp price could start a major decline. In the stated case, the price is likely to drop towards the $0.42 support.
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 – $0.465, $0.42 and $0.405.
Major Resistance Levels – $0.485, $0.505 and $0.550.
