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Ripple (XRP)

XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?

Aayush Jindal by Aayush Jindal
4 weeks ago
in XRP
Reading Time: 2 mins read

Ripple is gaining bearish momentum below $0.45 against the US Dollar. XRP price is at risk of more losses if it breaks the $0.40 support.

  • Ripple started a fresh decline from the $0.470 zone against the US dollar.
  • The price is now trading below $0.450 and the 100 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair might decline further if it stays below the $0.445 and $0.450 resistance levels.

Ripple Price Breaks Support

This past week, Ripple’s XRP attempted a fresh increase above the $0.465 level against the US Dollar. However, the bears remained active near the $0.47 level. A high was formed near $0.4704 and the price declined, similar to Bitcoin and Ethereum.

There was a clear move below the $0.450 and $0.445 support levels. A low is formed near $0.4100 and the price is now consolidating losses. It is trading below $0.450 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair.

Initial resistance is near the $0.440 zone. It is close to the 50% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low.

XRP Price Prediction

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.450 level and the trend line. The 61.8% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low is also near the trend line. A successful break above the $0.445 and $0.450 resistance levels might send the price toward the $0.470 resistance. Any more gains might call for a test of the $0.535 resistance.

More Losses in XRP?

If ripple fails to clear the $0.450 resistance zone, it could continue to move down. Initial support on the downside is near the $0.410 zone.

The next major support is near $0.40. If there is a downside break and a close below the $0.40 level, XRP’s price could extend losses. In the stated case, the price could test the $0.380 support zone.

Technical Indicators

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 – $0.410, $0.400, and $0.380.

Major Resistance Levels – $0.445, $0.450, and $0.470.

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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