- Ripple price started a fresh decline from the $1.12 resistance against the US dollar.
- The price is now trading below $1.00 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1.00 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move down if there is a clear break below $0.92.
Ripple price is showing bearish signs below $1.00 against the US Dollar, unlike bitcoin. XRP price remains at a risk of more losses below the $0.9200 support.
Ripple Price Analysis
After a minor upward move, ripple price faced sellers near the $1.12 level against the US Dollar. The XRP/USD pair started a fresh decline below the $1.05 support zone.
The pair even declined below the $1.00 support and the 55 simple moving average (4-hours). The price even spiked below $0.95, and the price is now consolidating losses. A low is formed near $0.9130 and it is now facing a lot of hurdles.
On the upside, XRP is facing resistance near the $0.9850 level. It is near the 50% Fib retracement level of the downward move from the $1.065 swing high to $0.9130 low.
The next key resistance is near the $1.00 level. There is also a key bearish trend line forming with resistance near $1.00 on the 4-hours chart of the XRP/USD pair. It is close to the 61.8% Fib retracement level of the downward move from the $1.065 swing high to $0.9130 low.
A close above the $1.00 could increase the chances of a break above the key $1.05 resistance zone. The next major resistance is near the $1.12 level. Any more gains could lead the price towards the $1.20 level.
On the downside, an initial support is near the $0.950 level. The first major support is near the $0.920 level. Any more losses could lead the price towards the $0.850 level in the near term.
Looking at the chart, ripple price is now trading below $1.00 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a clear break below $0.920.
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 now near the 50 level.
Key Support Levels – $0.950, $0.92 and $0.85.
Key Resistance Levels – $1.00 and $1.05.
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Source: Live Bitcoin News