- XRP price started a fresh decline below the $0.658 zone against the US dollar.
- The price is now trading below $0.650 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.625 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it breaks the $0.585 support zone.
XRP price is struggling below $0.650 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.585 support in the near term.
Ripple Price Analysis
In the past few days, Ripple’s XRP price started a fresh decline from well above $0.700 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.685 level.
The bears were able to push the price below the $0.650 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.600 support. A low is formed near $0.5850 and the price is now attempting a recovery wave.
There was a move above the $0.600 level. XRP is now trading below $0.650 and the 55 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the downward move from the $0.7329 swing high to the $0.5850 low.
On the upside, the price is facing resistance near $0.625. There is also a key bearish trend line forming with resistance near $0.625 on the 4-hour chart of the XRP/USD pair.
The next major resistance is near the $0.658 level. It is near the 50% Fib retracement level of the downward move from the $0.7329 swing high to the $0.5850 low.
A clear move above $0.658 might start a fresh increase. In the stated case, the price could even surpass the $0.680 resistance. Any more gains might send the price toward the $0.725 resistance.
Initial support on the downside is near $0.600. The next major support is near the $0.585 level. Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.520.
Looking at the chart, XRP price is now trading below the $0.650 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.585 support zone.
Technical indicators
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 – $0.600, $0.585, and $0.550.
Key Resistance Levels – $0.625 and $0.658.