Ripple may face resistance against $0.46 in relation to the US Dollar. The $0.46 resistance level and the $0.478 resistance level could allow XRP to start a new rally.
- Ripple has been consolidating above $0.442 against the US Dollar.
- Price is currently facing obstacles near $0.460, and 100 simple moving averages (4-hours).
- On the 4 hour chart for the currency pair XRP/USD, there is a critical bearish trendline with resistance close to $0.4605 (data source Kraken).
- A clear move over $0.462 to $0.482 could lead to a sharp increase in the pair.
Ripple Price is ready for the next move
After a sharp decline, ripple’s XRP found support near the $0.4220 zone against the US Dollar. XRP took a $0.4220 base and launched a similar increase to bitcoin or ethereum.
Clear movement was seen above $0.435 resistance and $0.445 support levels. Price climbed higher than the 50% Fib Retracement level for the downmove from $0.5118 swing high and $0.4220 swing lowest. The price did not break the $0.4800 resistance or the 100 simple moving mean (4 hours).
The price did not clear the 61.8% Fib level of the downward movement from the $0.5118 swing peak to the $0.4220 swing bottom. Price is currently facing obstacles near $0.460, the 100 simple moving mean (4-hours).
A crucial bearish trendline is also in place with resistance close to $0.4605 at the 4-hours chart on the XRP/USD currency pair. Main resistance lies between the $0.478-$0.880 levels. Another rally could be triggered if the resistance levels of $0.478 or $0.480 are broken.
Source: XRPUSD from TradingView.com
Near the $0.500 mark is the next resistance. If the price rises above that, the bulls will likely retest the $0.55 threshold. The price could move towards $0.60 if there are more gains.
Downside Break in the XRP
Ripple could begin a new decline if it fails to increase above $0.478. The $0.442 level is the initial support for the downside.
The xrp could begin a steep decline if there’s a negative break below the $0.442 support. If the previous scenario is true, the price might even drop below the $0.422 level.
Technical indicators
4-Hours MACD – The MACD for XRP/USD is now losing 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 – $0.442, $0.422 and $0.405.
Major Resistance Levels – $0.462, $0.48 and $0.50.