Ripple Price Analysis: Bulls Struggle Below $0.36

Ripple price is struggling below $0.370 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3400 to avoid more downsides in the near term.

Ripple Price Analysis

This past week, ripple price saw a bearish reaction below the $0.3900 zone against the US Dollar. The XRP/USD pair declined below the $0.3780 support zone to move into a bearish zone.

The price even traded below the $0.3700 level. Finally, there was a move below the $0.3600 level. The price traded as low as $0.3350 before there was an upside correction. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.3966 swing high to $0.3350 low.

However, the bears were active near the $0.3550 resistance. As a result, there was another decline below $0.3500. There was also a break below a key contracting triangle with support near $0.3495 on the 4-hours chart of the XRP/USD pair.

The price is now trading below $0.3700 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3400 level. The next major support is near the $0.3350 level, below which the price could even test the $0.3200 support.

Any more losses could lead the price towards the $0.3120 level, below which the price might even test $0.3000. On the upside, the price is facing resistance near $0.3550.

The next major resistance is near the $0.3660 level or the 50% Fib retracement level of the downward move from the $0.3966 swing high to $0.3350 low. The main resistance is near the $0.3740 zone. A clear move above the $0.3740 and $0.3750 resistance zones might start a fresh increase.

In the stated case, the price could even surpass the $0.395 resistance. Any more gains might send the price towards the $0.412 resistance.

Ripple Price

Looking at the chart, ripple price is now trading below the $0.370 zone and the 55 simple moving average (4-hours). Overall, the price could extend losses if it stays below the $0.3600 resistance zone.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.3400, $0.3350 and $0.3120.

Key Resistance Levels – $0.3550 and $0.3680.

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