Ripple is moving lower from the $0.405 resistance zone against the US Dollar. XRP price is now at a risk of downside break below the $0.37 support.
- Ripple is currently moving lower from the $0.4050 resistance zone against the US dollar.
- The price is now trading above $0.385 and the 100 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3780 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could recover if there is a clear move above the $0.385 and $0.388 resistance levels.
Ripple Price Dips Further
This past week, ripple’s XRP started a fresh decline from the $0.4050 resistance zone against the US Dollar. The price declined below the $0.395 and $0.392 levels to move into a bearish zone.
There was a drop below the $0.380 level and the 100 simple moving average (4-hours). A low is formed near $0.3694 and the price is now consolidating losses. There is a key bearish trend line forming with resistance near $0.3780 on the 4-hours chart of the XRP/USD pair.
XRP price is now trading above $0.385 and the 100 simple moving average (4-hours). On the upside, an initial resistance is near the $0.378 zone and the trend line. The trend line is near the 23.6% Fib retracement level of the downward move from the $0.4086 swing high to $0.3694 low.
Source:
The next key resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4086 swing high to $0.3694 low. A successful break above the $0.388 resistance might send the price towards the $0.400 resistance. Any more gains might send the price towards the $0.425 level.
More Losses in XRP?
If ripple fails to clear the $0.388 resistance zone, it could continue to move down. An initial support on the downside is near the $0.370 level.
The next major support is near $0.364. If there is a downside break and close below the $0.364 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.332 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing 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 – $0.370, $0.364 and $0.332.
Major Resistance Levels – $0.384, $0.388 and $0.400.