2023-2-9 08:40 |
Ripple is struggling to stay above the $0.42 resistance zone against the US Dollar. XRP price could decline heavily if there is a close below $0.38.
Ripple is currently moving lower from the $0.42 resistance zone against the US dollar. The price is now trading below $0.40 and the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.4110 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair could decline heavily if there is a close below the $0.38 support zone. Ripple Price Revisits SupportThis past week, ripple’s XRP made another attempt to clear the $0.42 resistance against the US Dollar. The price failed to gain strength and struggled to clear $0.42. A high was formed near $0.4204 and the price started a fresh decline.
There was a move below the $0.4120 support to move into a short-term bearish zone, similar to bitcoin and ethereum. The price even tested the key $0.3860 support zone.
A low is formed near $0.3861 and xrp price is now consolidating losses. It is trading below $0.40 and the 100 simple moving average (4-hours). An immediate resistance is near the $0.4040 zone. It is close to the 50% Fib retracement level of the recent decline from the $0.4204 swing high to $0.3861 low.
The next key resistance is near the $0.412 level. There is also a key bearish trend line forming with resistance near $0.4110 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The trend line is close to the 61.8% Fib retracement level of the recent decline from the $0.4204 swing high to $0.3861 low. A successful break above the $0.412 resistance might send the price towards the $0.420 resistance. Any more gains might send the price towards the $0.45 level.
Downside Break in XRP?If ripple fails to clear the $0.412 resistance zone, it could continue to move down. An initial support on the downside is near the $0.3860 level.
The next major support is near $0.380. If there is a downside break and close below the $0.380 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.350 support.
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 – $0.386, $0.380 and $0.350.
Major Resistance Levels – $0.412, $0.420 and $0.450.
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