Ripple Price Analysis: XRP/USD Targets Fresh Lows

Key Highlights

Ripple price failed to move above the $0.4750 resistance and declined against the US dollar.

There is a major bearish trend line in place with resistance near $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair could accelerate declines below $0.4300 and it may even trade to a new low in the near term.

Ripple price is facing a heavy selling interest against the US Dollar and Bitcoin. XRP/USD is likely to decline further below the $0.4300 and $0.4200 levels.

Ripple Price Support

Yesterday, there was a minor upside correction above the $0.4600 level in Ripple price against the US Dollar. The XRP/USD pair even traded above the $0.4700 level. However, the upside move was capped by the $0.4750 resistance. The price was rejected, resulting in a downside reaction below the $0.4600 level. It even broke the $0.4500 and $0.4400 support levels.

A low was formed at $0.4393 and it seems like there could be more losses in the near term. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4572 high to $0.4393 low. However, the most important resistance is near the $0.4600 level. There is also a major bearish trend line in place with resistance near $0.4600 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the last decline from the $0.4572 high to $0.4393 low is below the trend line to prevent gains. Therefore, if the price corrects higher, it is likely to face sellers near the $0.4600 and $0.4620 levels.

Looking at the chart, the price remains at a risk of more declines below the $0.4400 level. The next supports are seen near the $0.4320 and $0.4200 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 35 level.

Major Support Level – $0.4350

Major Resistance Level – $0.4600

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