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Ripple (XRP)

XRP Price Prediction: Bearish Continuation Below $0.33 Seems Likely

Aayush Jindal by Aayush Jindal
5 months ago
in XRP
Reading Time: 2 mins read

Ripple is consolidating below the $0.35 resistance zone against the US Dollar. XRP price could extend its decline if there is no recovery wave above the $0.35 barrier.

  • Ripple is currently consolidating below the $0.35 and $0.365 levels against the US dollar.
  • The price is now trading below $0.365 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a decent recovery if it clears the $0.350 resistance zone.

Ripple Price Faces Resistance

After struggling to clear the $0.40 resistance, ripple’s XRP started a fresh decline against the US Dollar. The price dropped below the $0.380 and $0.365 support levels to move into a bearish zone.

The price gained pace below the $0.35 support and settled below the 100 simple moving average (4-hours). The bulls finally appeared near the $0.332 level. A low is formed near $0.3321 and the price is now consolidating losses, just like bitcoin and ethereum.

Xrp price climbed a few points above the $0.340 level. An immediate resistance is near the $0.350 zone. There is also a key bearish trend line forming with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the downward move from the $0.3968 swing high to $0.3321 low.

A successful break above the $0.350 resistance might send the price towards the $0.365 resistance. It is close to the 50% Fib retracement level of the downward move from the $0.3968 swing high to $0.3321 low.

Ripple Price XRP

Source: XRPUSD on TradingView.com

The next key resistance is near the $0.372 level and 100 simple moving average (4-hours). Any more gains might send the price towards the $0.40 level in the coming days.

More Downsides in XRP?

If ripple fails to clear the $0.350 resistance zone, it could continue to move down. An initial support on the downside is near the $0.340 level.

The next major support is near $0.332. If there is a downside break and close below the $0.332 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.320 support.

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 – $0.340, $0.332 and $0.305.

Major Resistance Levels – $0.350, $0.365 and $0.372.

Tags: RipplexrpXRPBTCXRPUSDxrpusdcxrpusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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