XRPUSD Dominant Trend: Bearish
Resistance Levels: $0.48, $0.50, $0.52
Support Levels: $0.35, $0.33, $0.31
Ripple Price Analysis
As the 4-hour chart reveals, Ripple price is facing a strong selling interest against the US Dollar, while Bitcoin is trimming gains. XRP price could recover only if it corrects above the $0.45 level. Ripple price failed to hold the key $0.45 support and declined heavily against the US dollar. The price even broke the key $0.43 support level and it is currently trading below $0.40. There is a short term contracting triangle forming with resistance near $0.43 on the hourly chart of the XRP/USD pair. Recently, Bitcoin price started a major correction below $11,000, putting pressure on ripple price below $0.44 against the US Dollar. The XRP/USD pair declined heavily and broke a few important supports near $0.44 and $0.43 levels. There was also a close below the $0.43 level and the 200-day moving average. It opened the doors for more losses and the price declined below $0.42 and $0.41.
Moreover, since there is a short term contracting triangle forming with resistance near $0.42 on the hourly chart of the XRP/USD pair and should in case there is an upside break, the $0.44 level may be the next hurdle. If the bulls gain pace above $0.44, the price could start a decent recovery. In the mentioned case, the price could test $0.48 level. Looking at the chart, the Ripple price clearly declined heavily and broke a few key supports near $0.44 and $0.42. Therefore, to start a fresh increase, it must regain the $0.42 and $0.44 levels and later move to the resistance levels of $0.48, $0.50 and $0.52. If not, there are chances of more losses below the $0.40 support. Therefore, if there is a fresh decline below $0.39, the price could resume its slide. Immediate support is at $0.38, below which there is a risk of a downside break below the $0.36 swing low. The next key support is near the $0.35, $0.33 and $0.31 levels, where buyers are likely to emerge. The RSI for XRP/USD is currently moving above level 45.
