XRP Price Analysis: Bulls Face An Uphill Task

10 months ago 9

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XRP price started a fresh decline from the $0.624 resistance against the US dollar.
The price is now trading above $0.580 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.562 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
The pair could extend losses if it breaks the $0.540 support zone.

XRP price is struggling below $0.600 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.540 support in the near term.

XRP Price Analysis

In the past few sessions, Ripple’s XRP price started a fresh decline from the $0.624 zone against the US Dollar. The XRP/USD pair stayed below the $0.600 level and extended its decline.

The bears were able to push the price below the $0.585 support. The pair broke the 23.6% Fib retracement level of the upward move from the $0.4540 swing low to the $0.6238 high. It is now trading above $0.580 and the 55 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $0.562 on the 4-hour chart of the XRP/USD pair. Initial support on the downside is near $0.565 or the trend line.

The next major support is near the $0.540 level or the 50% Fib retracement level of the upward move from the $0.4540 swing low to the $0.6238 high. The main support sits at $0.518. Any more losses could lead the price toward the $0.494 level, below which the price might even test $0.455.

On the upside, the price is facing resistance near $0.595. The next major resistance is near the $0.624 level. A clear move above $0.624 might start a fresh increase. In the stated case, the price could even surpass the $0.650 resistance. Any more gains might send the price toward the $0.680 resistance.

Looking at the chart, XRP price is now trading above the $0.580 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.540 support zone.