Ripple struggled to clear the $0.550 resistance against the US Dollar. The price of XRP is now moving lower and could drop further similarly to Bitcoin.
Ripple faced strong selling interest near the $0.55 zone against the US Dollar. The price is now trading below $0.500 and the 100 simple moving average (4-hours). There was a break below a key uptrend line with support near $0.4940 on the 4-hours chart of the XRP/USD pair (data feed from Kraken). The pair could fall sharply if there is a clear move below the $0.4650 support.
Ripple’s XRP price starts to decline
Last week, Ripple’s XRP started a steady rise from the $0.4500 support zone. There was a clear move above the $0.480 and $0.505 resistance levels.
The price surged above the $0.520 resistance, outperforming bitcoin and ethereum. However, the bulls once again failed to clear the key $0.550 resistance zone. A high was formed near $0.5486 and the price started a new decline.
XRP price declined below the $0.52 and $0.50 support levels. There was a move below the 50% Fibonacci retracement level of the up move from the $0.4417 low to $0.5486 high.
Furthermore, there was a break below a key uptrend line with support near $0.4940 on the 4-hours chart of the XRP/USD pair. Price is now trading below $0.500 and the 100 Simple Moving Average (4-hours).’
Source: XRPUSD on TradingView.com
On the upside, the price is facing resistance near the $0.4825 level. The first major resistance is near the $0,500 zone. A successful break above the $0.50 and $0.505 resistance levels could spark another rally. The next key resistance is near the $0.520 level, above which the bulls are likely to target a retest of the $0.55 barrier.
Downside breakout in XRP?
If the ripple fails to initiate a fresh rise above the $0.50 level, it could continue moving lower. An initial support on the downside is near the $0.465 level. It is near the 61.8% Fibonacci retracement level of the up move from the $0.4417 low to $0.5486 high.
If there is a breakout to the downside and it closes below the $0.465 level, the price of xrp could start a major drop. In the indicated case, the price is likely to drop towards the $0.42 support.
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: $0.465, $0.42 and $0.405.
Major Resistance Levels – $0.485, $0.505 and $0.550.
This post Can XRP continue to outperform Bitcoin?
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