Ripple Price Analysis: Bulls Struggle To Clear This Key Hurdle
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■ Ripple price started a downside correction from the $0.570 zone against the US dollar.
■ The price is now trading below $0.5250 and the 55 simple moving average (4 hours).
■ There is a key bearish trend line forming with resistance at $0.5275 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
■ The pair could start a fresh increase unless there is a close below $0.480.
Ripple price is consolidating near $0.500 against the US Dollar, like Bitcoin. XRP price must stay above the $0.480 support to remain in a bullish zone.
Ripple Price Analysis
This past week, Ripple price saw a decent increase above the $0.50 resistance against the US Dollar. The XRP/USD pair climbed above the $0.520 resistance to move into a positive zone.
The bulls even pumped the price above the $0.550 resistance. A high was formed near $0.5705 and the price recently corrected lower. There was a move below the $0.550 and $0.5250 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $0.3875 swing low to the $0.5705 high.
The price is now trading below $0.520 and the 55 simple moving average (4 hours). It is trading above the 50% Fib retracement level of the upward move from the $0.3875 swing low to the $0.5705 high.
On the upside, the price is facing resistance near $0.5250. There is also a key bearish trend line forming with resistance at $0.5275 on the 4-hour chart of the XRP/USD pair.
The next major resistance is near the $0.570 level. A close above the $0.570 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.620 resistance. Any more gains might send the price toward the $0.700 resistance.
Initial support on the downside is near the $0.50 level. The next major support is near the $0.480 level. Any more losses could lead the price toward the $0.4550 level, below which the price might even test $0.420.
Looking at the chart, Ripple’s price is now trading below the $0.5250 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.480.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.500, $0.480, and $0.420.
Key Resistance Levels – $0.5250 and $0.570.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
