Ripple price declined recently and tested the $0.4050 support against the US Dollar. XRP/USD is currently correcting, but it could decline once again towards $0.4100 or $0.4050 before higher.
Key Talking Points
- Ripple price is placed nicely above an important support at $0.4050 against the US Dollar.
- XRP/USD is following a major bearish trend line with resistance at $0.4580 on the 2-hours chart (Data feed via Bitstamp).
- XRP price could fail to clear the $0.4580 resistance and it might revisit the $0.4050 support.
Ripple Price Forecast
The past few days were very choppy for ripple price as it declined after holding the $0.4580 support for a long time against the US Dollar. The XRP/USD pair declined below the $0.4250 support and traded towards the next support at $0.4050.
Looking at the chart, the price traded as low as $0.4004 and later bounced back above the $0.4050 support. The price started a decent recovery and moved above the $0.4200 and $0.4250 resistance levels.
During the rise, the price also broke the 23.6% Fib retracement level of the last slide from the $0.4997 high to $0.4004 low. However, the price seems to be struggling near the $0.4500 and $0.4580 resistance levels. Moreover, it is currently well below the $0.4700 pivot level and the 100 simple moving average (2-hours).
An immediate resistance is at $0.4500 and the 50% Fib retracement level of the last slide from the $0.4997 high to $0.4004 low. Above this, there is a major bearish trend line with resistance at $0.4580 on the same chart.
Therefore, it won’t be easy for buyers to clear the $0.4500 and $0.4580 resistance levels in the near term. If they succeed, the price could even break the $0.4700 resistance and the 100 SMA.
Conversely, ripple price could decline once again to test the $0.4200 or $0.4100 support. The main support for the current wave is near the $0.4050 level, below which XRP is likely to accelerate losses towards the $0.3880 level in the near term.
The market data is provided by TradingView.