Ripple Price Analysis: Risk of Drop Below $1.05

Ripple price is showing bearish signs below $1.10 against the US Dollar, unlike bitcoin. XRP price must clear $1.15 for a fresh increase in the near term.

Ripple Price Analysis

After a downside spike below $1.00, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.05 and $1.10 resistance levels to move into a positive zone.

The pair even surpassed the $1.120 resistance and the 55 simple moving average (4-hours). However, the price failed to gain strength for a move above the $1.15 level. A high was formed near $1.152 before there was a fresh decline.

There was a break above the 23.6% Fib retracement level of the upward move from the $0.9538 swing low to $1.152 swing high. The price is now trading below $1.08 and the 55 simple moving average (4-hours).

On the downside, an initial support is near the $1.072 level. There is also a key bullish trend line forming with support near $1.070 on the 4-hours chart of the XRP/USD pair. The first major support is near the $1.052 level. It is close to the 50% Fib retracement level of the upward move from the $0.9538 swing low to $1.152 swing high.

Any more losses could lead the price towards the $1.00 level in the near term. On the upside, XRP is facing resistance near the $1.08 level and the 55 simple moving average (4-hours).

The next key resistance is near the $1.12. A close above the $1.12 could increase the chances of a break above the key $1.15 resistance zone. The next major resistance is near the $1.20 level. Any more gains could lead the price towards the $1.30 level.

Ripple Price

Looking at the chart, ripple price is now trading below $1.08 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a clear break below $1.05.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Key Support Levels – $1.072, $1.05 and $1.00.

Key Resistance Levels – $1.12 and $1.20.

Source: Read Full Article