The price of the ripple has dropped recently and has tested the support of $ 0.4050 against the US dollar. The XRP / USD is currently being corrected, but may again decline to $ 0.4100 or $ 0.4050 before the highest.
Key points of conversation
- The price of the ripple is positioned above a major support at $ 0.4050 against the US dollar.
- The XRP / USD is following a major bearish trend line with resistance at $ 0.4580 on the 2-hour chart (Bitstamp data feed).
- The XRP price may fail to cancel the resistance of $ 0.4580 and may review the support of $ 0.4050.
Ripple Price Forecast
The past few days have been very uncertain for the ripple, which has declined after holding the support of $ 0.4580 against the US dollar for a long time. The XRP / USD pair decreased below the $ 0.4250 support and traded towards the next support at $ 0.4050.
Looking at the chart, the price was trading from $ 0.4004 and then returned above the $ 0.4050 support. The price started a decent recovery and moved above the resistance levels of $ 0.400 and $ 0.4250.
During the rise, the price also broke the fiber retracement level of 23.6% of the last slide from the low of $ 0.4997 to $ 0.4004 minimum. However, the price seems to be in difficulty near the resistance levels of $ 0.4500 and $ 0.4580. Furthermore, it is currently well below the rotation level of $ 0.4700 and the simple moving average at 100 (2 hours).
Immediate resistance is $ 0.400 and the 50% Fiber Retracement level of the last slide from the low of $ 0.4997 to $ 0.4004 at the bottom. Above this, there is a bearish trend line with resistance at $ 0.4580 on the same chart.
Therefore, it will not be easy for buyers to zero resistance levels of $ 0.400 and $ 0.4580 in the short term. If they succeed, the price could even break the resistance of $ 0.4700 and the 100 SMA.
In contrast, the price of ripple may fall once again to test the support of $ 0.400 or $ 0.4100. The current main wave support is close to the $ 0.4050 level, below which the XRP is likely to accelerate losses to the $ 0.3880 level in the near term.
Market data is provided by TradingView.