Ripple Price Analysis: XRP/USD Under Pressure Below $0.50

Key Highlights

  • Ripple price is under a lot of pressure below the $0.5000 level against the US dollar.
  • Yesterday’s highlighted important bearish trend line is intact with resistance at $0.5500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to decline towards the $0.4300 and $0.4200 levels in the near term.

Ripple price extended its slide against the US Dollar and Bitcoin. XRP/USD may drop further if buyers fail to keep the price above the $0.4500 level.

Ripple Price Analysis

There was an increase in selling pressure below the $0.5000 level in Ripple price against the US Dollar. The XRP/USD pair declined recently and traded below the $0.4750 pivot level. More importantly, there was a close below the $0.5500 support and the 100 hourly simple moving average. It seems like buyers failed to keep the price above the $0.5000 as the price declined to a new intraday low at $0.4509.

At the moment, the price is consolidating losses above the $0.4500 level. On the upside, an initial resistance is near the $0.4800 level. It is the 23.6% fib retracement level of the last decline from the $0.5823 high to $0.4509 low. Above the $0.4800 and $0.4850 levels, the price may test the $0.5000 and $0.5150 levels. The 50% fib retracement level of the last decline from the $0.5823 high to $0.4509 low is also near $0.5162. Above these, yesterday’s highlighted important bearish trend line is intact with resistance at $0.5500 on the hourly chart of the XRP/USD pair.

Looking at the chart, ripple price could correct higher in the short term towards $0.5000 and $0.5150. However, sellers are likely to stop gains above the trend line, $0.5200 and the 100 hourly SMA. On the downside, a break below $0.4500 may call for a test of $0.4200.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level.

Major Support Level – $0.4500

Major Resistance Level – $0.5200

Source