Ripple Price Analysis: Bulls Face Uphill Task Near $0.50
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 $0.5000 support zone to move into a bearish zone.
The price even traded below the $0.4850 level and the 55 simple moving average (4-hours). It traded as low as $0.4225 and recently corrected higher. There was a recovery wave above the $0.4400 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5479 swing high to $0.4225 low.
Besides, there was a break above a major bearish trend line with resistance near $0.4580 on the 4-hours chart of the XRP/USD pair. However, the price failed to gain pace above the $0.4600 zone and 55 simple moving average (4-hours). On the upside, the price is facing resistance near $0.4700.
The next major resistance is near the $0.4850 level. It is near the 50% Fib retracement level of the downward move from the $0.5479 swing high to $0.4225 low.
The main resistance is near the $0.500 zone. A clear move above the $0.4850 and $0.5000 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.520 resistance. Any more gains might send the price towards the $0.550 resistance.
An initial support on the downside is near the $0.4520 level. The next major support is near the $0.4250 level. Any more losses could lead the price towards the $0.4000 level, below which the price might even test $0.3800.
Looking at the chart, ripple price is now trading below the $0.5000 zone and near the 55 simple moving average (4-hours). Overall, the price could start a steady increase if it clears the $0.4850 and $0.5000 resistance 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 near the 50 level.
Key Support Levels – $0.4500, $0.4250 and $0.4000.
Key Resistance Levels – $0.4850 and $0.5000.
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