Ripple Price Analysis: Facing Uphill Task Near $0.50

  • Ripple price is still struggling to gain pace above the $0.4800 and $0.5000 resistance levels against the US dollar.
  • The price is now well below $0.5000 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.4560 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could either rally above $0.4600 or it might dive towards the $0.3950 support.

Ripple price is consolidating well below the $0.5000 resistance against the US Dollar. XRP price must settle above $0.5000 to start a strong uptrend.

Ripple Price Analysis

After struggling to clear the $0.4900 resistance, ripple price corrected lower against the US Dollar. The XRP/USD pair traded below the $0.4800 and $0.4720 support levels.

There was also a break below the $0.4550 support zone and a close below the 55 simple moving average (4-hours). A low is formed near $0.4238 and the price is now consolidating losses. It is well below $0.5000 and the 55 simple moving average (4-hours).

There was a break above the 23.6% Fib retracement level of the downward move from the $0.4901 high to $0.4238 low. However, the price is facing a strong resistance near $0.4550 and $0.4580.

There is also a key contracting triangle forming with resistance near $0.4560 on the 4-hours chart of the XRP/USD pair. The triangle resistance is close to the 50% Fib retracement level of the downward move from the $0.4901 high to $0.4238 low.

The 55 simple moving average (4-hours) is also near $0.4600. Therefore, the bulls need to clear the $0.4560 and $0.4600 resistance levels for a push towards the main $0.5000 resistance. Finally, a close above $0.5000 is needed for a sustained upward move.

If there is a downside break below the $0.4380 support and triangle trend line, there is a risk of a sharp decline in the coming sessions. The next major support is near the $0.4000 level.

Ripple Price

Looking at the chart, ripple price is clearly trading well below the $0.5000 zone and the 55 simple moving average (4-hours). Overall, the price could either rally above $0.4600 or it might dive towards the $0.3950 support.

Technical indicators

4 hours MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.

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

Key Support Levels – $0.4380, $0.4200 and $0.4000.

Key Resistance Levels – $0.4600 and $0.5000.

Tags: Ripple, XRP


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