- Ripple price started a downside correction from the $0.740 zone against the US dollar.
- The price is now trading below $0.660 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at $0.620 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase unless there is a close below $0.580.
Ripple price is consolidating near $0.600 against the US Dollar, like Bitcoin. XRP price must stay above the $0.580 support to remain in a bullish zone.
Ripple Price Analysis
This past week, Ripple price saw a decent increase above the $0.6250 resistance against the US Dollar. The XRP/USD pair climbed above the $0.650 resistance to move into a positive zone.
The bulls even pumped the price above the $0.700 resistance. A high was formed near $0.7442 and the price recently corrected lower. There was a move below the $0.660 and $0.650 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.5300 swing low to the $0.7442 high.
The price is now trading below $0.6250 and the 55 simple moving average (4 hours). It is trading above the 76.4% Fib retracement level of the upward move from the $0.5300 swing low to the $0.7442 high.
On the upside, the price is facing resistance near $0.620. There is also a key bearish trend line forming with resistance at $0.620 on the 4-hour chart of the XRP/USD pair.
The next major resistance is near the $0.6380 level. A close above the $0.6380 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.670 resistance. Any more gains might send the price toward the $0.740 resistance.
Initial support on the downside is near the $0.60 level. The next major support is near the $0.580 level. Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.520.
Looking at the chart, Ripple’s price is now trading below the $0.6250 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.580.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.580, $0.550, and $0.520.
Key Resistance Levels – $0.620 and $0.6380.
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