- Ripple price is struggling to stay above the $0.486 support against the US dollar.
- The price is now trading below $0.510 and the 55 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near $0.5010 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start another decline if it stays below $0.5085 and $0.5180.
Ripple price is struggling below $0.520 against the US Dollar, unlike Bitcoin. XRP price must stay above the $0.486 support to avoid a downside break.
Ripple Price Analysis
After finding bids near the $0.486, Ripple price attempted a recovery wave against the US Dollar. The XRP/USD pair traded as low as $0.4863 and recovered above $0.495.
The price even cleared the 23.6% Fib retracement level of the key decline from the $0.5490 swing high to the $0.4863 low. However, the bears were active near the $0.5085 resistance and the 55 simple moving average (4 hours).
The price failed to continue higher and started a fresh decline below $0.500. XRP is now trading below $0.510 and the 55 simple moving average (4 hours).
There is also a connecting bearish trend line forming with resistance near $0.5010 on the 4-hour chart of the XRP/USD pair. On the upside, the price is facing resistance near $0.502 and the trend line. The next major resistance is near the $0.5085 level.
The main resistance is now forming near the $0.5180 zone or the 50% Fib retracement level of the key decline from the $0.5490 swing high to the $0.4863 low. A clear move above the $0.5085 and $0.5180 levels might start a steady increase. In the stated case, the price could test the $0.535 resistance. Any more gains might send the price toward the $0.550 resistance.
Initial support on the downside is near the $0.490 level. The next major support is near the $0.486 level, below which the price could gain bearish momentum toward the $0.435 support. Any more losses could lead the price toward the $0.420 level.
Looking at the chart, Ripple price is now trading below the $0.510 zone and the 55 simple moving average (4 hours). Overall, the price could start another decline if it stays below $0.5085 and $0.5180.
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 – $0.490, $0.486, and $0.435.
Key Resistance Levels – $0.5085 and $0.5180.
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