Ripple Price Analysis

Ripple Price Analysis: XRP/USD Targets Fresh Lows

Ripple Price Analysis XRP USD

Ripple price is under a lot of pressure below $0.5000 against the US Dollar. XRP/USD is likely to accelerate declines towards the $0.4200 and $0.4100 levels.

Key Talking Points

  • Ripple price is in a major downtrend from the $0.4850 resistance zone against the US Dollar.
  • There is a significant bearish trend line in place with resistance at $0.4580 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair may perhaps continue to move down and it could even break the last low at $0.4243.

Ripple Price Forecast

During the past few days, there was a sharp increase in selling pressure above $0.4800 in Ripple price against the US Dollar. The XRP/USD pair struggled to settle above the $0.4850 resistance zone, resulting in a bearish reaction

Looking at the chart, the price declined heavily and broke a major support area near $0.4600. It opened the doors for more losses and the price declined below the 76.4% Fib retracement level of the last wave from the $0.4243 low to $0.5194 high.

Ripple Price Analysis XRP USD

It means there is a high chance that the price may revisit the $0.4243 low. Moreover, if sellers remain in control, the price may well break the $0.4243 low for a new low. The next target for sellers could the 1.236 Fib extension level of the last wave from the $0.4243 low to $0.5194 high.

If the price corrects higher, an initial resistance is near the $0.4550 level. Above this, the $0.4600 support zone could prevent upsides. There is also a significant bearish trend line in place with resistance at $0.4580 on the 2-hours chart of the XRP/USD pair.

Therefore, upsides are likely to be capped in ripple price above $0.4600 unless there is a shift in the market sentiment to bullish.

In the short term, XRP/USD may trade in a range below the $0.4450 and $0.4500 levels, but there is a risk of more declines below the $0.4243 low 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
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