Ripple is struggling to stay above the $0.35 support against the US Dollar. XRP price must surpass $0.38 to start a fresh increase and avoid a downside break.
- Ripple is consolidating losses above the $0.35 support against the US dollar.
- The price is now trading below $0.38 and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.3760 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could rally if there is a close above the $0.376 and $0.380 resistance levels.
Ripple Price Faces Resistance
This week, ripple's XRP faced resistance near the $0.3880 zone against the US Dollar. The price failed to gain bullish momentum and started a fresh decline below $0.380, unlike bitcoin and ethereum.
The bears were able to push the price below the $0.3750 support and the 100 simple moving average (4-hours). The price traded as low as $0.3571 and is currently consolidating losses. XRP price is now trading below $0.38 and the 100 simple moving average (4-hours).
On the upside, an initial resistance is near the $0.3700 zone. The first major resistance is near the $0.3725 level and the 100 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $0.3880 swing high to $0.3751 low.
Source: XRPUSD on TradingView.com
The next key resistance is near the $0.3750 level. There is also a major bearish trend line forming with resistance near $0.3760 on the 4-hours chart of the XRP/USD pair. A successful break above the $0.376 resistance might send the price towards the $0.388 resistance. Any more gains might send the price towards the $0.400 level.
Downside Break in XRP?
If ripple fails to clear the $0.376 resistance zone, it could continue to move down. An initial support on the downside is near the $0.357 level.
The next major support is near $0.352. If there is a downside break and close below the $0.352 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.340 support and retest the $0.320 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.357, $0.352 and $0.340.
Major Resistance Levels – $0.372, $0.376 and $0.400.
Source: NewsBTC.com
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