Ripple Price Analysis: XRP Trading Near Breakdown Support Zone
- Ripple price is trading in a bearish zone below the $0.1945 resistance zone against the US dollar.
- The price failed to correct above $0.1945 and it is now trading near the $0.1850 support.
- There are two bearish trend lines forming with resistance near $0.1920 and $0.1960 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair remains at a risk of more losses below the $0.1850 and $0.1820 support levels.
Ripple price is under pressure and trading well below $0.1920 against the US Dollar. XRP price is likely to decline sharply below the $0.1850 support level in the near term.
Ripple Price Analysis
This past week, ripple price declined sharply from well above $0.2000 against the US Dollar. The XRP/USD pair broke the key $0.1950 support level and the 55 simple moving average (4-hours) to move into a bearish zone.
It traded as low as $0.1844 before it started an upside correction. There was a break above the $0.1920 resistance zone. Besides, the price climbed above the 23.6% Fib retracement level of the recent decline from the $0.2041 high to $0.1844 low.
However, the upward move was capped by the $0.1945 resistance zone. The 50% Fib retracement level of the recent decline from the $0.2041 high to $0.1844 low is also acting as a resistance.
It seems like there are two bearish trend lines forming with resistance near $0.1920 and $0.1960 on the 4-hours chart of the XRP/USD pair. The pair is currently declining and trading below the $0.1900 pivot level.
On the downside, the $0.1845 level is an immediate support, below which the price could decline sharply. The next support is seen near the $0.1805 level. Any further losses might lead the price towards the $0.1750 level.
Conversely, the price might start an upside correction above the $0.1900 level. The first key resistance is near the $0.1945 level. The main resistance is now near the $0.1980 level and the 55 simple moving average (4-hours), above which the price could turn bullish in the near term.
Looking at the chart, ripple price is clearly trading near a key breakdown support at $0.1845. It could either decline sharply below $0.1800 or it might start a decent recovery wave above $0.1900 and $0.1945.
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 30 level.
Key Support Levels – $0.1845, $0.1805 and $0.1750.
Key Resistance Levels – $0.1945 and $0.1980.