Ripple is struggling to stay above the $0.5065 support against the US Dollar. XRP price could dive toward $0.485 or even $0.465 before the bulls take a stand.
- Ripple started a fresh decline from the $0.5850 resistance against the US dollar.
- The price is now trading near $0.5065 and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.5065 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair might correct further lower toward the $0.485 support or even $0.465.
Ripple Price Shows Signs of More Losses
After struggling to clear the $0.585 resistance, Ripple’s XRP started a downside correction against the US Dollar. Recently, Bitcoin and Ethereum saw a decent increase, but XRP struggled to rise.
Earlier, there was a decent upward move from the $0.482 zone. The bulls pushed the price above the $0.512 resistance. However, it failed to clear the $0.5200 resistance zone. The price stayed below the 50% Fib retracement level of the downward move from the $0.5848 swing high to the $0.4820 low.
It is now moving lower below $0.5120. XRP is trading near $0.5065 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.5065 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
Initial resistance is near the $0.5120 zone. The first major resistance is near the $0.5200 level. A successful break above the $0.520 resistance might send the price toward the $0.545 resistance or the 61.8% Fib retracement level of the downward move from the $0.5848 swing high to the $0.4820 low. Any more gains might send the price toward the $0.585 level.
More Losses in XRP?
If ripple fails to clear the $0.520 resistance zone, it could continue to move down. Initial support on the downside is near the $0.500 zone.
The next major support is near $0.485. If there is a downside break and a close below the $0.484 level, XRP’s price could extend losses. In the stated case, the price could test the $0.465 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 – $0.500, $0.465, and $0.420.
Major Resistance Levels – $0.520, $0.545, and $0.585.