Ripple is gaining bearish momentum below $0.45 against the US dollar. XRP price is at risk of more losses if it breaks the $0.40 support.
- Ripple started another drop in the $0.470 zone against the US Dollar.
- The price is now trading below $0.450 and the 100 simple moving average (4 hours).
- A connecting bearish trendline is forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could decline further if it continues below the USD 0.445 and USD 0.450 resistance levels.
Ripple Price Breaks support
This past week, Ripple’s XRP attempted to rise again above the $0.465 level against the US dollar. However, the bears remained active near the $0.47 level. A high was formed near $0.4704 and the price dropped, similar to Bitcoin and Ethereum.
There was clear movement below the $0.450 and $0.445 support levels. A low is forming near $0.4100 and the price is now consolidating losses. It is trading below $0.450 and the 100 simple moving average (4 hours). A contiguous bearish trendline is also forming with resistance close to $0.450 on the 4-hour chart of the XRP/USD pair.
Initial resistance is near the $0.440 zone. It is close to the 50% Fib retracement level of the recent drop from the $0.4704 swing high to the $0.4100 low.
Source: XRPUSD at TradingView.com
The first major resistance is near the $0.450 level and the trendline. The 61.8% Fib retracement level of the recent drop from the $0.4704 swing high to the $0.4100 low is also near the trendline. A successful break above the $0.445 and $0.450 resistance levels could send the price towards the $0.470 resistance. Any further gains may require a test of the $0.535 resistance.
Lose more in XRP?
If Ripple fails to clear the $0.450 resistance zone, it could drop further. The first support on the downside is near the $0.410 zone.
The next major support is near $0.40. If there is a downside break and a close below the $0.40 level, the price of XRP could add to losses. In the said case, the price might test the $0.380 support zone.
Technical indicators
4am MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Main Support Levels – $0.410, $0.400 and $0.380.
Key resistance levels – $0.445, $0.450 and $0.470.