XRP Price Crashes Over 20%, Why Breakdown Looks Real Deal

2023-8-18 07:28

Ripple’s token price is down over 20% against the US Dollar. XRP price is gaining bearish momentum and might revisit the $0.40 zone.

Ripple’s token price is moving lower from the $0.620 resistance against the US dollar. The price is now trading below $0.55 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to decline toward the $0.42 and $0.40 levels. Ripple’s Token Price Plunges To $0.40

After struggling to rise above the $0.65 resistance, Ripple’s XRP started a fresh decline against the US Dollar. There was a strong decline below the $0.550 support zone, similar to Bitcoin and Ethereum.

The price is down over 20% and there was even a spike below $0.420. A low is formed near $0.3994 and the price is now attempting a recovery wave. There was a wave above the $0.45 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low.

XRP is now trading below $0.55 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.520 zone. It is close to the 50% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low. The next major resistance is near the $0.550 level. The main resistance is now forming near the $0.585 zone and the trend line.

Source: XRPUSD on TradingView.com

A successful break above the $0.585 resistance level might send the price toward the $0.62 resistance or the 100 simple moving average (4 hours). Any more gains might call for a test of the $0.650 resistance.

Another Decline in XRP?

If ripple fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.480 zone.

The next major support is near $0.455. If there is a downside break and a close below the $0.455 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.400 support zone.

Technical Indicators

4-Hours 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.

Major Support Levels – $0.48, $0.455, and $0.400.

Major Resistance Levels – $0.520, $0.550, and $0.585.

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