Ripple Price Analysis: Bears Aim Test of $0.29

Ripple Price Analysis

Ripple Price Analysis: Bears Aim Test of $0.29

Ripple price started a fresh decline from the $0.3700 resistance against the US dollar.
The price is now trading below $0.340 and the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The pair could continue to move down if it breaks the $0.320 and $0.318 support levels.

Ripple price is declining below $0.350 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3000 to avoid more losses in the near term.
Ripple Price Analysis
After forming a base near the $0.3310 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3500 resistance zone.
The price even broke the $0.3550 resistance and the 55 simple moving average (4-hours). However, there was no move above the $0.3700 resistance zone. A high was formed near $0.3706 before there was a fresh decline. The price declined below the $0.3500 support zone.
There was a clear move below the $0.3400 level and the 55 simple moving average (4-hours). The pair traded as low as $0.3194 and is currently consolidating losses.
On the upside, the price is facing resistance near $0.3315. It is near the 23.6% Fib retracement level of the recent decline from the $0.3706 swing high to $0.3194 low. The next major resistance is near the $0.3400 level. There is also a key bearish trend line forming with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair.
It is close to the 50% Fib retracement level of the recent decline from the $0.3706 swing high to $0.3194 low. A clear move above the $0.3400 and $0.3450 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.350 resistance. Any more gains might send the price towards the $0.380 resistance. An initial support on the downside is near the $0.3180 level.
The next major support is near the $0.3000 level. Any more losses could lead the price towards the $0.2900 level, below which the price might even test $0.2750.
Ripple Price
Looking at the chart, ripple price is now trading below the $0.3500 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.320 and $0.318 support levels.
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 – $0.3180, $0.3000 and $0.2900.
Key Resistance Levels – $0.3400 and $0.3500.

Tags: Ripple, XRP

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