• Ripple price started a fresh decline from the $0.490 zone against the US dollar, trading below $0.480 and the 55 simple moving average (4 hours).
• There is a key rising channel forming with support near $0.4550 on the 4-hour chart of the XRP/USD pair.
• The pair could extend losses if it stays below the $0.490 resistance zone as it faces resistance near $0.470 and initial support near $0.460.
Ripple Price Analysis
Ripple price has been struggling to break above the $0.500 mark against the US Dollar, forming a high near $0.4868 before starting a fresh bearish wave and declining below the $ 0.470 level and spiking below the 55 simple moving average (4 hours). It is now testing at 50% Fib retracement level of an upward move from the swing low of $ 0.4322 to its peak of $ 0.4868 high while trading below both $ 0.480 and 55 SMA (4 hours). A key rising channel is also forming with its support seen at around$ 0.4550 on 4-hour chart of XRP/USD pair which could be broken in case price stays lower than resistance level at$ 0.490 for long time period leading to further losses in prices..
Resistance & Support Levels
On upper side, there are several levels of resistances such as at around$ 0 . 470 , then followed by$ 0 . 485 , after that next major resistance being$ 0 . 5000 . While on lower side initially there’s support seen at around$ 0 . 460 , then followed by another major level of supports being at around$ 0 . 455 along with channel trend line close to 61 . 8 % Fib Retracement level connecting swing low point of$ 0 . 4322 to its peak point of$ 0 . 4868 high respectively.. In case current situation persists for longer duration then we can expect prices to fall further towards next major support lies at around$ 440 or even down towards psychological figure i . e.,at around 4000 USD mark respectively..
Technical Indicators
The MACD for XRP/USD is currently gaining momentum in bearish territory while RSI stands below 50 indicating no bullish divergence yet seen in market trends that may boost prices upwards anytime soon..
Conclusion
From overall analysis it can be concluded that Ripple’s price is currently trading under pressure below both SMA (55) & Resistance Level ($ 490) respectively which may lead prices towards further bearishness if trend remains unchanged for long term period.. So investors must be cautious when making any investments decisions regarding this cryptocurrency..
