Ripple Price Analysis: Key Support Nearby At $0.34
- Ripple price struggled to gain pace above the $0.3750 level against the US dollar.
- The price is now trading below $0.35 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $0.3550 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could decline steadily if there is a move below the $0.3420 support.
Ripple price is recovering above $0.3200 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3400 and $0.3320 to continue higher.
Ripple Price Analysis
After forming a base near the $0.3000 zone, ripple price started a fresh recovery against the US Dollar. The XRP/USD pair was able to clear the $0.3350 resistance zone.
The price even broke the $0.3420 resistance and the 55 simple moving average (4-hours). However, the price struggled to surpass the $0.3750 and $0.3800 resistance levels. A high was formed near $0.3812 before there was a bearish reaction.
The price declined below the 23.6% Fib retracement level of the upward move from the $0.3031 swing low to $0.3812 high. It is now trading below $0.35 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3420 level.
The 50% Fib retracement level of the upward move from the $0.3031 swing low to $0.3812 high is near the $0.3420 level. The next main support is near the $0.3320 zone. Any more losses could lead the price towards the $0.3120 level, below which the price might even test $0.3050.
On the upside, the price is facing resistance near $0.3550. The next major resistance is near the $0.3750 level. A clear move above the $0.3750 and $0.3800 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.395 resistance. Any more gains might send the price towards the $0.4250 resistance.
Looking at the chart, ripple price is now trading below the $0.3500 zone and the 55 simple moving average (4-hours). Overall, the price could decline steadily if there is a move below the $0.3420 support.
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 – $0.3420, $0.3310 and $0.3120.
Key Resistance Levels – $0.3550 and $0.3750.
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