- There was a recent decline in the price of Ripple price and broke the $0.5200 support zone against the US dollar.
- There is a major bearish trend line in place with resistance at $0.5200 on the XRP/USD hourly chart.
- The pair may strive to move back above the $0.5200 resistance and the 100 hourly simple moving average.
- The price of Ripple could not hold gains against Bitcoin and the US Dollar. In the near term, XRP/USD may slide further towards the $0.4790 support level.
Price Analysis: Ripple
In the last three sessions, the price of ripple experienced a continuous slide from the $0.5450 swing high against the US Dollar. The XRP/USD pair traded into a bearish zone after breaking the $0.5205 support area. Moreover, there was a close below the 100 hourly simple moving average and the $0.5200 level. Also, there was a break below 50% Fib retracement level of the last leg from the $0.4465 low to $0.5625 swing high.
XRP (XRP) Price Today – XRP / USD
However, the $0.4900-0.5000 zone protected the decline. The 61.8% Fib retracement level of the last leg from the $0.4465 low to $0.5625 swing high were also protected by the buyers. There was a bounce back in price and it traded above the $0.5000 level and the 100 hourly SMA.
At present, sellers protected the $0.5100 level and the 100 hourly SMA. Asides this, there is a major bearish trend line in place with resistance at $0.5200 on the XRP/USD hourly chart. A fresh bullish wave could happen, if buyers push the price above the trend line and the $0.5205 level.
From the chart, the price of ripple price may try to break above the $0.5200 resistance. Also, if a break below $0.5000 happens, the price may slide towards the $0.4790 support in the near term.