Ripple was unable to break the $0.550 resistance in relation to the US Dollar. The XRP prices are now falling and could fall further, similar to bitcoin.
- Ripple was subject to strong selling pressure near the $0.55 area against the US dollars.
- Today, the price trades below $0.500. The 100 simple moving average is currently in place (4-hours).
- The 4-hour chart of the currency pair XRP/USD showed a breaking below the key bullish trendline with support at $0.4940 (data source: Kraken).
- A clear break below $0.4650 could cause the pair to fall sharply.
Ripple’s XRP Price Starts Decline
This past week, ripple’s XRP started a steady increase from the $0.4500 support zone. The price moved above $0.480 resistance and $0.505 resistance.
The price climbed above the $0.520 resistance, outperforming bitcoin and ethereum’s ether. The bulls were unable to break the $0.550 resistance. The price reached a high of $0.5486, and then began a new decline.
Below the $0.52 support level, XRP prices fell below $0.50. A move below 50% Fib retracement of the upward movement from the $0.4417 swing high to $0.5486 low was observed.
Additionally, the price broke below a bullish trend line that supports support close to $0.4940 in the 4-hours chart for the XRP/USD currency pair. The price is now trading below $0.500 and the 100 simple moving average (4-hours).’
Source: XRPUSD from TradingView.com
The upside is that the price faces resistance at the $0.4825 mark. Near the $0.500 level is the first significant resistance. Another rally could be triggered if the bulls break through $0.505 and $0.505 resistance levels. Next is $0.520, where the bulls will likely attempt a retest at the $0.55 barrier.
What is the Downside of XRP
Ripple could move lower if it fails to increase above $0.50. The $0.465 support level is a first stop for the downside. This is close to the 61.8% Fib Retracement level for the upward movement from $0.4417 swing lows to $0.5486 highs.
The xrp could begin a significant decline if there’s a negative break below $0.465. The price will likely fall towards $0.42 in the above scenario.
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.465, $0.42 and $0.405.
Major Resistance Levels – $0.485, $0.505 and $0.550.