• Ripple price started a fresh decline from the $0.95 resistance against the US dollar.
  • The price is now trading below $0.90 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.8750 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down if there is no recovery wave above $0.8880.

Ripple price is showing bearish signs below $0.92 against the US Dollar, unlike bitcoin. XRP price remains at a risk of more losses below the $0.7820 support.

Ripple Price Analysis

After a minor upward move, ripple price faced sellers near the $0.9500 level against the US Dollar. The XRP/USD pair started a fresh decline below the $0.9200 support zone.

The pair even declined below the $0.8880 support and the 55 simple moving average (4-hours). There was a test of the 50% Fib retracement level of the upward move from the $0.6315 swing low to $0.9344 high. It even tested the $0.7800 support zone.

On the downside, an initial support is near the $0.7820 level. The first major support is near the $0.7500 level. It is near the 61.8% Fib retracement level of the upward move from the $0.6315 swing low to $0.9344 high. Any more losses could lead the price towards the $0.7000 level in the near term.

On the upside, the price is facing resistance near the $0.8500 level. The next key resistance is near the $0.8700 level. There is also a key bearish trend line forming with resistance near $0.8750 on the 4-hours chart of the XRP/USD pair.

A close above the $0.88 level could…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed