Ripple (XRP) Price Analysis: Will the Decline Continue?

XRP Ripple

Bitcoin and Ethereum suffered heavy losses against the US dollar, while Ripple remained stable above $ 0.5000.

Bitcoin and Ethereum suffered heavy losses against the US dollar, while Ripple remained stable above $ 0.5000. XRP price is likely to start a new surge above $ 0.5500. 

Ripple failed to break a major $ 0.6500 hurdle and fell against the US dollar.

The price is currently trading near the $ 0.5200 support and the 100 simple moving average (4 hours).

There is a major bullish trend line with support at $ 0.5150 on the 4-hour chart of the XRP / USD pair (based on Kraken data).

As long as there is no closing below $ 0.5000, the pair could start a new uptrend.

Ripple (XRP) Retains Basic Support

Recently, there has been a sharp increase in Ripple’s XRP price above the $ 0.5200 resistance zone. The price climbed above the $ 0.6000 level and crossed the 100 simple moving average (4 hours).

However, the price failed to cross a major hurdle near the $ 0.6500 barrier. It approached the $ 0.6501 level and started a new decline. Bitcoin and Ethereum fell sharply, but XRP remained steady above $ 0.5000.

There was a break below the 50% Fib retracement level of the uptrend retracement from the $ 0.4330 high to $ 0.4330 high.

Will Ripple XRP price drop?

The price is currently trading near the $ 0.5200 support and the 100 simple moving average (4 hours). There is a major bullish trend line with support at $ 0.5150 on the 4-hours chart of the XRP / USD pair. The trendline is near the 61.8% Fib retracement level of the move from $ 0.4330 to $ 0.6500.

On the upside, the price is likely to rise above the $ 0.5350 and $ 0.5400 levels. The main resistance is located at the $ 0.5500 level where the price could rise to $ 0.6500.

Will Ripple (XRP) Fall?

If Ripple cannot continue to rise above $ 0.5500, it could experience more corrections. An initial support on the downside is near the $ 0.5150 level and the trend line.

A downside break below the $ 0.5150 support zone could push the price towards the $ 0.5000 zone. More losses could possibly push the price up to $ 0.4400.

SEE ALSO: XRP Whale Moves Coins Worth Over $300 Million

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *