Ripple token price has started a new decline from $0.5265 against the US dollar. XRP price is likely to fall further unless it bounces back above $0.50.
- Ripple token price is trading below the $0.488 support against the US dollar.
- The price is currently trading below $0.48 and the 100 simple moving average (4 hours).
- There is a major bearish trendline forming resistance near $0.475 on the 4-hour chart of the XRP/USD pair (data source: Kraken).
- In the short term, it can continue to fall below the $0.444 support.
Ripple Token Price Begins Downward Correction
Over the past few days, Ripple’s XRP has seen a downward correction against the US dollar from resistance at $0.5265. Similar to Bitcoin and Ethereum, it has broken below the $0.505 support zone.
The price gained bearish momentum below the $0.480 support zone. A low was formed near $0.446 and the price is now recovering from the loss. There was a move above the $0.450 and $0.455 resistance levels. XRP has broken above the 23.6% Fib retracement level of the downtrend from swing highs of $0.5263 to lows of $0.4460.
XRP price is currently trading below $0.500 and the 100 simple moving average (4 hours). There is also a significant bearish trend line forming resistance near $0.475 on the 4-hour chart of the XRP/USD pair.
The top resistance is near $0.475. The first major resistance is near the $0.448 level and the 100 simple moving average (4 hours). This is close to the 50% Fib retracement level of the downtrend from the swing high of $0.5263 to the low of $0.4460.
sauce: XRPUSD on TradingView.com
A successful breakout of the $0.48 resistance level can lead the price to resistance at $0.505. Further gains may need to test resistance at $0.525.
Another drop in XRP?
If Ripple fails to break out of the $0.48 resistance zone, a further decline may start. The first support on the downside is near the $0.455 zone.
The next major support is near $0.445. If there is a breakout and closes below the $0.445 levels, XRP price could face further losses. In the above case, the price may retest the $0.425 support zone.
4-hour MACD – The XRP/USD MACD is currently losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $0.455, $0.445 and $0.425.
Key resistance levels – $0.475, $0.480, $0.500.