Ripple is consolidating above the $0.440 support against the US Dollar. XRP price could recover if it clears the $0.480 resistance zone.
- Ripple started a fresh decline from the $0.5380 zone against the US dollar.
- The price is now trading below $0.500 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with support 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 $0.480 and $0.500 resistance levels.
Ripple Price Drops To $0.44
After a steady increase, Ripple’s XRP faced sellers near the $0.538 level against the US Dollar. A high was formed near $0.5382 and the price started a fresh decline, similar to Bitcoin and Ethereum.
There was a clear move below the $0.520 and $0.500 support levels. The price even declined below $0.450 and tested $0.440. A low is formed near $0.4403 and the price is now consolidating losses. It is now trading below $0.500 and the 100 simple moving average (4 hours).
There is also a key contracting triangle forming with support near $0.450 on the 4-hour chart of the XRP/USD pair. Initial resistance is near the $0.464 zone or the 23.6% Fib retracement level of the downward move from the $0.5382 swing high to the $0.4403 low.
Source: XRPUSD on TradingView.com
The first major resistance is near the $0.490 level or the 50% Fib retracement level of the downward move from the $0.5382 swing high to the $0.4403 low. A successful break above the $0.490 and $0.500 resistance levels might send the price toward the $0.5252 resistance. Any more gains might send the price toward the $0.5380 zone.
More Losses in XRP?
If ripple fails to clear the $0.490 resistance zone, it could continue to move down. Initial support on the downside is near the $0.452 zone.
The next major support is near $0.440. The main support is near $0.400. If there is a downside break and a close below the $0.400 level, XRP’s price could extend losses. In the stated case, the price could test the $0.365 support zone.
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 – $0.450, $0.440, and $0.400.
Major Resistance Levels – $0.490, $0.500, and $0.538.