Ripple Price Analysis

Ripple Price Analysis: XRP/USD Could Retest $0.40 Before Upside Break

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.

Ripple Price Analysis XRP Chart

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.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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