Ripple Price Analysis: Facing Uphill Task Near $1.20
Ripple price is showing bearish signs below $1.15 against the US Dollar, unlike bitcoin. XRP price must clear $1.20 for more gains in the near term.
Ripple Price Analysis
After forming a base above $1.050, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.10 and $1.12 resistance levels to move into a positive zone.
The pair even surpassed the $1.150 resistance and the 55 simple moving average (4-hours). However, the price failed to gain strength for a move above the $1.20 level. A high was formed near $1.186 before there was a fresh decline.
There was a break below a key bullish trend line with support near $1.120 on the 4-hours chart of the XRP/USD pair. The pair traded as low as $1.024 and it is now correcting higher.
There was a break above the 23.6% Fib retracement level of the recent decline from the $1.186 swing high to $1.024 low. XRP is now facing resistance near the $1.05 level. Besides, it is now trading below $1.10 and the 55 simple moving average (4-hours).
On the upside, an initial hurdle is near the $1.05 level. It is close to the 50% Fib retracement level of the recent decline from the $1.186 swing high to $1.024 low.
The next key resistance is near the $1.12 level and the 55 SMA. A close above the $1.12 could set the pace for more gains. The next major resistance is near the $1.20 level. Any more gains could lead the price towards the $1.30 level.
On the downside, an initial support is near the $1.065 level. The first major support is near the $1.05 level. Any more losses could lead the price towards the $1.00 level in the near term.
Looking at the chart, ripple price is now trading below $1.10 and the 55 simple moving average (4-hours). Overall, the price could continue to move down unless there is a clear break above $1.15.
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 – $1.065, $1.05 and $1.00.
Key Resistance Levels – $1.12 and $1.20.
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