21.09.2019

XRP/USD Could Retest $0.40 Before Upside Break

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Ripple price declined recently and tested the $0.4050 support against the US Dollar. XRP/USD is currently correcting, but it could decline once again towards $0.4100 or $0.4050 before higher.

Key Talking Points

  • Ripple price is placed nicely above an important support at $0.4050 against the US Dollar.
  • XRP/USD is following a major bearish trend line with resistance at $0.4580 on the 2-hours chart (Data feed via Bitstamp).
  • XRP price could fail to clear the $0.4580 resistance and it might revisit the $0.4050 support.

Ripple Price Forecast

The past few days were very choppy for ripple price as it declined after holding the $0.4580 support for a long time against the US Dollar. The XRP/USD pair declined below the $0.4250 support and traded towards the next support at $0.4050.

Ripple Price Analysis XRP Chart

Looking at the chart, the price traded as low as $0.4004 and later bounced back above the $0.4050 support. The price started a decent recovery and moved above the $0.4200 and $0.4250 resistance levels.

During the rise, the price also broke the 23.6% Fib retracement level of the last slide from the $0.4997 high to $0.4004 low. However, the price seems to be struggling near the $0.4500 and $0.4580 resistance levels. Moreover, it is currently well below the $0.4700 pivot level and the 100 simple moving average (2-hours).

An immediate resistance is at $0.4500 and the 50% Fib retracement level of the last slide from the $0.4997 high to $0.4004 low. Above this, there is a major bearish trend line with resistance at $0.4580 on the same chart.

Therefore, it won’t be easy for buyers to clear the $0.4500 and $0.4580 resistance levels in the near term. If they succeed, the price could even break the $0.4700 resistance and the 100 SMA.

Conversely, ripple price could decline once again to test the $0.4200 or $0.4100 support. The main support for the current wave is near the $0.4050 level, below which XRP is likely to accelerate losses towards the $0.3880 level in the near term.

Leave a Reply

Your email address will not be published. Required fields are marked *

Our website uses cookies to improve performance and improve site performance. By continuing to work with the site, you agree to our use of cookies and privacy policy.

To accept