XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?

2023-5-9 06:54

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 a fresh decline from the $0.470 zone against the US dollar. The price is now trading below $0.450 and the 100 simple moving average (4 hours). There is a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might decline further if it stays below the $0.445 and $0.450 resistance levels. Ripple Price Breaks Support

This past week, Ripple’s XRP attempted a fresh increase 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 declined, similar to Bitcoin and Ethereum.

There was a clear move below the $0.450 and $0.445 support levels. A low is formed near $0.4100 and the price is now consolidating losses. It is trading below $0.450 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $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 decline from the $0.4704 swing high to the $0.4100 low.

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.450 level and the trend line. The 61.8% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low is also near the trend line. A successful break above the $0.445 and $0.450 resistance levels might send the price toward the $0.470 resistance. Any more gains might call for a test of the $0.535 resistance.

More Losses in XRP?

If ripple fails to clear the $0.450 resistance zone, it could continue to move down. Initial 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, XRP’s price could extend losses. In the stated case, the price could test the $0.380 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 – $0.410, $0.400, and $0.380.

Major Resistance Levels – $0.445, $0.450, and $0.470.

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Ripple (XRP) на Currencies.ru

$ 0.5231 (-0.59%)
Объем 24H $1.77b
Изменеия 24h: -1.26 %, 7d: 0.86 %
Cегодня L: $0.5222 - H: $0.5382
Капитализация $28.92b Rank 7
Цена в час новости $ 0.425 (23.08%)

ripple xrp dollar against price breaks losses

Источник: newsbtc.com

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