Ripple price is struggling to climb above the $0.2300 and $0.2320 resistances against the US dollar.
The price is currently trading near the $0.2200 support area and it could continue to move down.
There is a major bearish trend line forming with resistance near $0.2250 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The price is likely to accelerate lower if it continues to struggle near $0.2300.
Ripple price is facing an increase in selling below $0.2300 against the US Dollar. XRP price might restart its decline below the $0.2200 support in the near term.
Ripple Price Analysis
After a strong decline, ripple price found support near the $0.2000 area against the US Dollar. XRP/USD traded as low as $0.2004 and later recovered above the $0.2200 resistance area.
Moreover, there was a break above the $0.2300 resistance, but the price failed to gain momentum above $0.2320. Besides, the price failed to settle above the 55 simple moving average (4-hours) and formed a high near the $0.2326 level.
The price is currently declining and trading below the $0.2300 level. It broke the 23.6% Fib retracement level of the upward move from the $0.2004 low to $0.2326 high. An immediate support on the downside is near the $0.2165 level.
Furthermore, the 50% Fib retracement level of the upward move from the $0.2004 low to $0.2326 high is likely to act as a strong support. On the upside, there are many hurdles near the $0.2250, $0.2300 and $0.2320 levels.
There is also a major bearish trend line forming with resistance near $0.2250 on the 4-hours chart of the XRP/USD pair. Therefore, ripple price must settle above the $0.2300 level and the 55 simple moving average (4-hours) to continue higher.
Conversely, the price could break the $0.2165 support area. In this case, the price could even test the $0.2080 support area. It is near the 76.4% Fib retracement level of the upward move from the $0.2004 low to $0.2326 high.
Any further losses may perhaps push the price back towards the $0.2000 support area, below which the bulls could completely lose control.
Looking at the chart, ripple price is clearly at a risk of more losses below the main $0.2100 area. On the other hand, the bulls need to gain strength above the $0.2250 and $0.2300 levels to start a strong rise towards the $0.2400 and $0.2500 levels.
4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with bearish signs.
Key Support Levels – $0.2165, $0.2080 and $0.2000.
Key Resistance Levels – $0.2250 and $0.2300.
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