Ripple’s token price is down over 20% against the US Dollar. XRP price is gaining bearish momentum and might revisit the $0.40 zone. XRP price drops 20%, breakdown seems real.
Ripple’s token price is moving lower from the $0.620 resistance against the US dollar.
The price is now trading below $0.55 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to decline toward the $0.42 and $0.40 levels.
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XRP price drops 20%, breakdown seems real. Ripple’s Token Price Plunges To $0.40
Ripple's XRP faced difficulty in surpassing the $0.65 resistance and consequently, began a new decline against the US Dollar. Similar to Bitcoin and Ethereum, there was a substantial decline below the $0.550 support zone. The price has dropped over 20% and even went below $0.420. However, a low has been formed near $0.3994 and the price is currently attempting a recovery wave. There was a wave above the $0.45 resistance zone and the price climbed above the 23.6% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low.
Currently, XRP is trading below $0.55 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, a key bearish trend line is forming with resistance near $0.585.
The initial resistance on the upside is near the $0.520 zone, which is close to the 50% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low. The next major resistance is near the $0.550 level, and the main resistance is now forming near the $0.585 zone and the trend line.
A successful break above the $0.585 resistance level might send the price toward the $0.62 resistance or the 100 simple moving average (4 hours). Any more gains might call for a test of the $0.650 resistance.
Another Decline in XRP?
If ripple fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.480 zone.
The next major support is near $0.455. If there is a downside break and a close below the $0.455 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.400 support zone.
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 – $0.48, $0.455, and $0.400.
Major Resistance Levels – $0.520, $0.550, and $0.585.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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