Kriptokoin.com – The Ripple price began short-term downward correction after trading against the US dollar at $ 0.4100.
The price fell below the $ 0.4000 support and recently tested the $ 0.340 support area.
The hourly chart of the XRP / USD pair has a significant upward trend line (data source from Kraken), supporting USD 0.3945.
According to analysts, the pair may break $ 0.3940 support and extend losses or initiate a new increase.
The Ripple price is currently trading near the key support levels against the dollar, similar to Bitcoin. If the bulls can't keep the price above $ 0.3940, analysts say the XRP is likely to extend the loss.
Ripple trades close to key support levels, similar to Bitcoin
After creating a support base of around $ 0.3840, the Ripple price started to move up against the dollar. The XRP / USD pair gained momentum and broke resistance levels of $ 0.3940 and $ 0.4000. There was also a close above the $ 0.4000 level and above the 100-hour simple moving average. The price has even lowered the $ 0.4100 level and has accelerated to $ 0.4108.
Recently, the price has launched a downward correction below the support of $ 0.44050. There was a break below the 50% Fib retraction level of the last wave. The XRP price even broke the $ 0.4000 support area. However, the decline was maintained by the $ 0.3940 support area. Moreover, the hourly chart of the XRP / USD pair has a significant upward trend, supporting the $ 0.3945 level.
Current scenarios for the price of Ripple with technical indicators
The 61.8% Fib retreat of the last wave serves as a strong support for bulls that will rise from $ 0.333 to $ 0.4108. The price seems to be forming a break pattern around $ 0.3940. According to analysts, the XRP may start a new increase above $ 0.4000 or fall below $ 0.3940. If there is a negative break, analysts say, the price could even break the $ 0.3900 support area. The next major support is close to $ 0.3840. Conversely, if the price remains above $ 0.3940, there may be a good upward movement.
According to analysts, an immediate resistance could be around $ 0.4000, above which $ 0.450, or even $ 0.4100. If there is more gain, the next stop of the bulls may be close to the $ 0.4220 level. Looking at the chart, the Ripple price is currently trading near a significant support of $ 0.3940. According to analysts, if the XRP remains above $ 0.3940, there may be a fresh increase. Otherwise, there is a risk of more losses of under $ 0.3900 and under $ 0.3880. The current view of the Ripple price with technical indicators is as follows:
Hourly MACD: MACD for XRP / USD is gaining momentum in the downtrend.
Hourly RSI (Relative Strength Index): The RSI for the XRP / USD pair is below 40 with a bearish angle.
Major Support Levels: $ 0.3940, $ 0.3880, and $ 0.3840.
Main Resistance Levels: $ 0.4000, $ 0.44050 and $ 0.4100.
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