2020-12-9 10:28 |
Ripple failed to clear the $0.6150 resistance and broke a major support at $0.5740 against the US Dollar, similar to bitcoin and ETH. XRP price is likely to continue lower towards $0.5100 or even $0.4500.
Ripple started a major decline after it broke the key $0.5740 support zone against the US dollar. The price is now trading well below the $0.5740 zone and the 100 simple moving average (4-hours). There was a break below yesterday’s highlighted crucial contracting triangle with support at $0.5880 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair could retest $0.5740 before it extends its decline towards $0.5000. Ripple’s XRP Price is Gaining Bearish MomentumAfter a couple of failed attempts near $0.6200 and $0.6150, ripple’s XRP price started a strong decline. Bitcoin, ETH, BCH, ADA, LINK and many other altcoins declined heavily.
XRP also followed a similar pattern and it broke a couple of important supports near $0.5880 and $0.5740. There was a clear break below the 50% Fib retracement level of the key upward move from the $0.4548 swing low to $0.6919 high.
More importantly, there was a break below yesterday’s highlighted crucial contracting triangle with support at $0.5880 on the 4-hours chart of the XRP/USD pair. The price is now trading well below the $0.5740 zone and the 100 simple moving average (4-hours).
Source: XRPUSD on TradingView.comIt is testing the $0.5450 support level. It is close to the 61.8% Fib retracement level of the key upward move from the $0.4548 swing low to $0.6919 high.
If there is a clear break below the $0.5450 support level, the price could continue to move down. The next major support is near the $0.5000 level, below which the bears might aim a test of the $0.4500 support.
Upsides Limited in XRP?If ripple starts a corrective increase above $0.5600, it could face hurdles. The first major resistance is near the $0.5740 level (the recent breakdown zone).
The next major resistance is near the $0.6000 level or the 100 simple moving average (4-hours). As long as the price is below the $0.5740 resistance, it remains at a risk of more losses in the near term.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 40 level.
Major Support Levels – $0.5450, $0.5200 and $0.5000.
Major Resistance Levels – $0.5740, $0.5880 and $0.6000.
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