The Ripple token price started a fresh drop to $0.5265 against the US Dollar. XRP price could extend its decline unless it rises above $0.50 again.
- Ripple token price is moving lower below the $0.488 support against the US Dollar.
- The price is now trading below $0.48 and the 100 simple moving average (4-hours).
- A key downtrend line is forming with resistance near $0.475 on the 4-hours chart of the XRP/USD pair (data feed from Kraken).
- The pair could continue to fall below the support of $0.444 in the near term.
Ripple Token Price Begins Downside Correction
In the past few days, Ripple’s XRP has seen a downward correction from the $0.5265 resistance against the US Dollar. It fell below the $0.505 support zone, similar toand .
The price gained bearish momentum below the $0.480 support zone. A low was formed near $0.446 and the price is now recovering losses. There was a move above the $0.450 and $0.455 resistance levels. XRP broke above the 23.6% Fibonacci retracement level of the downward move from the $0.5263 high to $0.4460 low.
XRP price is now trading below $0.500 and the 100 simple moving average (4-hours). There is also a key downtrend line forming with resistance near $0.475 on the 4-hours chart of the XRP/USD pair.
Initial resistance to the upside is near the $0.475 zone. The first major resistance is near the $0.448 level and the 100 simple moving average (4-hours). It is near the 50% Fib retracement level of the move down from the $0.5263 high to $0.4460 low.
A successful break above the $0.48 resistance level could send the price looking towards the $0.505 resistance. Further gains could require a test of the $0.525 resistance.
Recent drop in XRP?
If the ripple fails to clear the $0.48 resistance zone, another slide could begin. Initial support on the downside is near the $0.455 area.
The next major support is near $0.445. If there is a break down and a close below the $0.445 level, XRP price could extend the losses. In the indicated case, the price could retest the $0.425 support zone.
4 Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Main support levels: $0.455, $0.445, and $0.425.
Main resistance levels: $0.475, $0.480 and $0.500.