Ripple Price Analysis: Bears Aim Retest of $0.32

Ripple Price Analysis

Ripple Price Analysis: Bears Aim Retest of $0.32

Ripple price started a fresh decline from the $0.4000 resistance against the US dollar.
The price is now trading above $0.3880 and near the 55 simple moving average (4-hours).
There was a break below a connecting bullish trend line with support near $0.3875 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The pair could continue to move down towards the $0.320 support in the near term.

Ripple price is struggling below $0.400 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3200 to attempt a fresh increase in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.4000 zone against the US Dollar. The XRP/USD pair declined below the $0.3880 support zone to move into a short-term bearish zone.
The price even traded below the $0.3750 level. There was a break below the 50% Fib retracement level of the upward move from the $0.3235 swing low to $0.3987 high. Besides, there was a break below a connecting bullish trend line with support near $0.3875 on the 4-hours chart of the XRP/USD pair.
The price is now trading above $0.3880 and near the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3520 level. It is near the 61.8% Fib retracement level of the upward move from the $0.3235 swing low to $0.3987 high.
The next major support is near the $0.3385 level. Any more losses could lead the price towards the $0.3200 level, below which the price might even test $0.3000.
On the upside, the price is facing resistance near $0.3720. The next major resistance is near the $0.3880 level. The main resistance is near the $0.400 zone. A clear move above the $0.400 and $0.405 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.425 resistance. Any more gains might send the price towards the $0.450 resistance.
Ripple Price
Looking at the chart, ripple price is now trading below the $0.488 zone and near the 55 simple moving average (4-hours). Overall, the price could continue to move down towards the $0.320 support in the near term.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.3320, $0.3200 and $0.3000.
Key Resistance Levels – $0.3720 and $0.400.

Tags: Ripple, XRP

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