Ripple Price Analysis: Bears In Action Below $0.80
Ripple price is struggling below $0.800 against the US Dollar, like bitcoin. XRP price could extend decline if there is a move below the $0.7200 support.
Ripple Price Analysis
After struggling to clear the $0.8800 zone, ripple price started a fresh decline against the US Dollar. The XRP/USD pair declined below the $0.8200 support zone to move into a bearish zone.
The pair declined sharply below the $0.8000 level and the 55 simple moving average (4-hours). The pair traded as low as $0.7105 and currently recovering losses. There was a recovery wave above the $0.7200 level. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.8652 swing high to $0.7105 low.
On the upside, the price is facing resistance near the $0.7800 level. There is also a key bearish trend line forming with resistance near $0.7800 on the 4-hours chart of the XRP/USD pair.
The next key resistance is near the $0.7880 level. It is near the 50% Fib retracement level of the downward move from the $0.8652 swing high to $0.7105 low. A close above the $0.7880 level could push the price towards the $0.8000 level.
The next major resistance is near the $0.9200 level. Any more gains could lead the price towards the $1.00 level. If there is no upside break above $0.7880, the price could resume its decline. The next major support is near the $0.7250 level. Any more losses could lead the price towards the $0.7000 level in the near term.
Looking at the chart, ripple price is now trading below $0.80 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.8000 resistance.
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.7250, $0.7000 and $0.6800.
Key Resistance Levels – $0.7880 and $0.8000.
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