Key Highlights

Ripple price nosedived into a bearish zone against the US Dollar and Bitcoin. XRP/USD may recover a few points, but upsides remain capped near $0.4280.

This week, we followed a bearish pattern below the $0.5000 resistance for Ripple price against the US Dollar. The XRP/USD pair remained in a bearish below $0.5000 and $0.4950 and it recently declined sharply. Sellers came into the action and pushed the price below the $0.4400 and $0.4280 support levels. The drop was nasty as the price even broke the $0.4000 support and settled below the 100 hourly simple moving average.

More importantly, this week’s followed important bearish trend line played well with resistance at $0.4480 on the hourly chart of the XRP/USD pair. A low was formed near the $0.3900 zone and the price later started an upside correction. It is currently testing the 23.6% Fib retracement level of the recent decline from the $0.4744 high to $0.3954 low. An immediate resistance is near the $0.4280-0.4290 zone, which was a support earlier.  Above the $0.4280 level, the price may face sellers near $0.4480. It is close to the 50% Fib retracement level of the recent decline from the $0.4744 high to $0.3954 low.

Looking at the chart, ripple price is clearly in a bearish zone below $0.4480. As long as there is no close above $0.4500, it remains at a risk of more declines.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below 30 level.

Major Support Level – $0.4000

Major Resistance Level – $0.4480

The post Ripple Price Analysis: XRP/USD at Clear Risk of Further Declines appeared first on NewsBTC.

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