Ripple price is currently correcting higher above $0.1750 against the US Dollar. However, XRP price is likely to fail near $0.1820 or $0.1850 and it might resume its decline.
Ripple Price Analysis
This past week, ripple price started a steady decline after it topped near the $0.2000 resistance against the US Dollar. The XRP/USD pair broke the $0.1900 support level and settled below the 55 simple moving average (4-hours).
The decline was such that the price even broke the $0.1850 and $0.1800 levels. It traded to a new monthly low at $0.1692 and it is currently correcting higher. There was a break above the $0.1720 and $0.1745 levels.
The price recovered above the 23.6% Fib retracement level of the key decline from the $0.1990 swing high to $0.1692 low. On the upside, there are many crucial hurdles waiting near $0.1820 and $0.1850 to stop the current move.
There is also a significant bearish trend line forming with resistance near $0.1820 on the 4-hours chart of the XRP/USD pair. Above the trend line, the main resistance is near the $0.1850 level and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the key decline from the $0.1990 swing high to $0.1692 low is also near the $0.1840 level. Therefore, ripple price is clearly facing a strong resistance near the $0.1850 level.
If the bulls manage to push the price above the $0.1820 resistance and the $0.1850 barrier, there could be a sustained upward move. The next hurdle is at $0.1920, above which the bulls might aim $0.2000.
Conversely, the price might fail to surpass the $0.1820 resistance. In the mentioned case, the price will most likely resume its decline below $0.1720 and $0.1700.
Looking at the chart, ripple price is clearly approaching a major resistance at $0.1820 and $0.1850. The chances of an upside break are low and it seems like the bears are likely to aim a new monthly low below $0.1692.
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 currently just above the 40 level.
Key Support Levels – $0.1720, $0.1700 and $0.1650.
Key Resistance Levels – $0.1820 and $0.1850.
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