Ripple failed to stay above $0.5550 and declined over 10% against the US Dollar. XRP price could accelerate lower if it fails to stay above the 100 SMA (H4) and $0.4850.

  • Ripple started a fresh decline after it struggled to clear the $0.6500 resistance against the US dollar.
  • The price is now trading well below $0.5500 and it is testing the 100 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $0.5300 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could either decline further below $0.4800 or it might start a fresh increase from the 100 SMA (H4).
Read Also:   Beyond $51,000: why is bitcoin going up?

Ripple’s XRP Price is Testing Key Support

After a close above the $0.5000 level, ripple’s XRP price started a steady increase. The price cleared the $0.5500 and $0.5720 resistance levels. It even broke the $0.6000 level and settled nicely above the 100 simple moving average (4-hours).

It topped near the $0.6445 level and recently started a fresh decline. There was a break below the $0.6000 and $0.5800 support levels. The price traded below the 50% Fib retracement level of the upward move from the $0.4507 swing low to $0.6443 high.

There was also a break below a major bullish trend line with support near $0.5300 on the 4-hours chart of the XRP/USD pair. The pair is now trading well below $0.5500 and it is testing the 100 simple moving average (4-hours).

Read Also:   Why Ethereum Could Rally Above $750, Key Uptrend Support Intact

Ripple (XRP)

Source: XRPUSD on TradingView.com

It is also testing the 76.4% Fib retracement level of the upward move from the $0.4507 swing low to $0.6443 high. If there is a downside break below the $0.4850 support and the 100 SMA, there is a risk of a sharp decline.

The next major support is near the $0.4500 level. Any more losses may possibly open the doors for a move towards the $0.4000 support level.

Fresh Increase in XRP?

If ripple stays above the $0.4850 support and the 100 SMA, there are chances of a fresh increase. An initial resistance is near the $0.5250 level and a connecting bearish trend line.

Read Also:   Ethereum Bears Keeps Fighting, Why ETH Could Slide Again

A clear break above the trend line resistance could push the price above $0.5500. The next major resistance for the bulls could be $0.6000.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Levels – $0.4850, $0.4500 and $0.4000.

Major Resistance Levels – $0.5250, $0.5500 and $0.6000.


Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


Ripple (XRP) Trimming Gains, Why It Could Decline Heavily

by Justin M. Ray
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format