XRP Price Analysis: Bulls Struggle To Clear Key Hurdles | Live Bitcoin News

• XRP price started a fresh decline from the $0.5550 resistance against the US dollar.
• The price is now trading below $0.540 and the 55 simple moving average (4 hours).
• There is a key bearish trend forming with resistance near $0.5300 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
• The pair could extend losses if it breaks the $0.510 support zone.

XRP price is struggling below $0.555 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.510 support in the near term.

XRP Price Analysis

In the past few sessions, Ripple’s XRP price started a fresh decline from the $0.5550 zone against the US Dollar. The XRP/USD pair stayed below the $0.535 level and extended its decline.

The bears were able to push the price below the $0.5120 support. A low was formed near $0.4961, and the price is now consolidating losses. There was a minor increase above the $0.5120 level. The price climbed above the 50% Fib retracement level of the downward move from the $0.5548 swing high to the $0.4961 low.

XRP is now trading below $0.535 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $0.5300 level. There is also a key bearish trend forming with resistance near the $0.5300 on the 4-hour chart of the XRP/USD pair.

It is near the 61.8% Fib retracement level of the downward move from the $0.5548 swing high to the $0.4961 low. The next major resistance is near the $0.5410 level.

A clear move above $0.5410 might start a fresh increase. In the stated case, the price could even surpass the $0.5550 resistance. Any more gains might send the price toward the $0.600 resistance.

Initial support on the downside is near $0.510. The next major support is near the $0.4960 level. The main support sits at $0.4850. Any more losses could lead the price toward the $0.450 level, below which the price might even test $0.425.

Looking at the chart, XRP price is now trading below the $0.545 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.510 support 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 – $0.510, $0.500, and $0.496.

Key Resistance Levels – $0.530 and $0.555.

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• Source: https://www.livebitcoinnews.com/xrp-price-analysis-bulls-struggle-to-clear-key-hurdles/