Ripple Price Analysis: Bears Active Near $0.40

Ripple Price Analysis

Ripple Price Analysis: Bears Active Near $0.40

Ripple price started a fresh decline from the $0.4100 resistance against the US dollar.
The price is now trading near $0.3940 and near the 55 simple moving average (4-hours).
There is a major bullish trend line forming with support near $0.3900 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The pair could start a fresh increase if it clears the $0.400 and $0.410 resistance levels.

Ripple price is struggling below $0.410 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3740 to attempt a fresh increase in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.4100 zone against the US Dollar. The XRP/USD pair declined below the $0.4020 support zone to move into a short-term bearish zone.
The price even traded below the $0.4000 level. There was a spike below the 50% Fib retracement level of the bullish wave from the $0.3747 swing low to $0.4108 high. The price is now trading near $0.3940 and near the 55 simple moving average (4-hours).
An initial support on the downside is near the $0.3900 level. There is also a major bullish trend line forming with support near $0.3900 on the 4-hours chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the bullish wave from the $0.3747 swing low to $0.4108 high.
The next major support is near the $0.3740 level. The next major support is near the $0.3650 level. Any more losses could lead the price towards the $0.3300 level, below which the price might even test $0.3200.
On the upside, the price is facing resistance near $0.4000. The next major resistance is near the $0.4100 level. The main resistance is near the $0.4175 zone. A clear move above the $0.4175 and $0.420 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.450 resistance. Any more gains might send the price towards the $0.500 resistance.
Ripple Price
Looking at the chart, ripple price is now trading near the $0.394 zone and near the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $0.400 and $0.410 resistance levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.3900, $0.3740 and $0.3300.
Key Resistance Levels – $0.4000 and $0.4100.

Tags: Ripple, XRP

Leave a Reply

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

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance