Ripple price has corrected higher above $0.7000 against the US Dollar. However, it seems like XRP/USD is still in a bearish trend as long as it is below $0.8500
Key Talking Points
- Ripple price is slowly moving higher from the $0.5500 swing low against the US Dollar.
- There is a declining channel in place with current resistance near $0.8000 on the 4-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair has to move above the $0.8000 and $0.8500 barriers to overcome the current selling pressure.
Ripple Price Forecast
There was a minor recovery initiated from the $0.5500 swing low in Ripple price against the US Dollar. The XRP/USD pair traded as low as $0.5614 and corrected above the $0.6000 level to post intraday gains yesterday.
However, when we look at the 4-hours chart, it seems like the bearish trend is still in place below $1.0000. The price is currently struggling to gain momentum above 23.6% Fib retracement level of the last decline from the $1.3846 high to $0.5614 low.
Moreover, there is a declining channel in place with current resistance near $0.8000 on the 4-hours chart of the XRP/USD pair. The channel resistance is a major hurdle for more gains towards $1.0000.
There is also a bearish trend line positioned on the same chart at $0.8100. Therefore, there is a clear cluster of resistances around $0.8000-0.8100. Above the mentioned $0.8100 resistance, the price could test $0.9700 and the 50% Fib retracement level of the last decline from the $1.3846 high to $0.5614 low.
The current price structure is bearish since there are many sell zones starting with $0.8000 up to $0.9700. Once the price gains enough strength to go through these levels, there could be a push above $1.0000.
On the downside, the $0.6000 level is a major support. Any further declines could put ripple price back in a major downtrend toward the $0.5000 level or even $0.4000 in the near term.
Trade safe traders and do not overtrade!
