Ripple price is struggling below $0.3500 against the US Dollar, similar to bitcoin. XRP price must clear $0.3600 to start a fresh recovery wave in the near term.
Ripple Price Analysis
After struggling to clear $0.4200, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.3600 support level to enter a bearish zone.
The price even broke the $0.3500 support and the 55 simple moving average (4-hours). It even spiked below the $0.3300 level and traded as low as $0.3250. It is now consolidating losses above the $0.3250 level. On the upside, the price is facing resistance near $0.3400.
The first major resistance is near the $0.3450 level. It is near the 23.6% Fib retracement level of the key decline from the $0.4108 swing high to $0.3250 low.
The next major resistance sits near the $0.3600 zone. A clear move above the $0.3500 and $0.3600 resistance zones might start a decent recovery. In the stated case, the price could even surpass the 50% Fib retracement level of the key decline from the $0.4108 swing high to $0.3250 low.
The main hurdle is now forming near the $0.4000 zone. There is also a major bearish trend line forming with resistance near $0.3900 on the 4-hours chart of the XRP/USD pair.
An initial support on the downside is near the $0.3250 level. The next main support is near the $0.3200 zone. Any more losses could lead the price towards the $0.3000 level, below which the price might even test $0.2550.
Looking at the chart, ripple price is now trading above $0.3500 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave, but the bears might remain active near $0.3600.
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.3250, $0.3200 and $0.3000.
Key Resistance Levels – $0.3450 and $0.3600.
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