Ripple’s token price started a fresh decline from $0.5265 against the US Dollar. XRP price could extend its decline unless it climbs back above $0.50.
Ripple’s token price is moving lower below the $0.488 support against the US dollar. The price is now trading below $0.48 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.475 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to decline below the $0.444 support in the near term.Ripple’s Token Price Starts Downside Correction
In the past few days, Ripple’s XRP saw a downside correction from the $0.5265 resistance against the US Dollar. It dipped below the $0.505 support zone, similar to Bitcoin and Ethereum.
The price gained bearish momentum below the $0.480 support zone. A low was formed near $0.446 and the price is now recovering losses. There was a move above the $0.450 and $0.455 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.5263 swing high to the $0.4460 low.
XRP price is now trading below $0.500 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.475 on the 4-hour chart of the XRP/USD pair.
Initial resistance on the upside is near the $0.475 zone. The first major resistance is near the $0.448 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $0.5263 swing high to the $0.4460 low.
Source: XRPUSD on TradingView.com
A successful break above the $0.48 resistance level might send the price toward the $0.505 resistance. Any more gains might call for a test of the $0.525 resistance.
Fresh Decline in XRP?
If ripple fails to clear the $0.48 resistance zone, it could start another decline. Initial support on the downside is near the $0.455 zone.
The next major support is near $0.445. If there is a downside break and a close below the $0.445 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.425 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.455, $0.445, and $0.425.
Major Resistance Levels – $0.475, $0.480, and $0.500.
