Ripple price is struggling below $0.500 against the US Dollar, similar to bitcoin. XRP price must stay above $0.4500 to attempt a fresh increase in the near term.
Ripple Price Analysis
This past week, ripple price saw a bearish reaction from the $0.5100 zone against the US Dollar. The XRP/USD pair declined below the $0.500 support zone to move into a short-term bearish zone.
The price even traded below the $0.4750 level. There was a break below the 50% Fib retracement level of the upward move from the $0.4458 swing low to $0.5091 high. The price is now trading near the $0.4700 zone and is above the 55 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $0.4610 on the 4-hours chart of the XRP/USD pair. An initial support on the downside is near the $0.4700 level. It is near the 61.8% Fib retracement level of the upward move from the $0.4458 swing low to $0.5091 high.
The next major support is near the $0.4600 level. Any more losses could lead the price towards the $0.4500 level, below which the price might even test $0.4220.
On the upside, the price is facing resistance near $0.4920. The next major resistance is near the $0.5000 level. The main resistance is near the $0.510 zone. A clear move above the $0.500 and $0.510 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.525 resistance. Any more gains might send the price towards the $0.550 resistance.
Looking at the chart, ripple price is now trading above the $0.470 zone and near the 55 simple moving average (4-hours). Overall, the price could start a steady increase if it stays above the $0.4600 and $0.4500 support levels.
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 below the 50 level.
Key Support Levels – $0.4700, $0.4600 and $0.4500.
Key Resistance Levels – $0.500 and $0.510.
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