Ripple Price Analysis: Bulls Aim Recovery Above $0.42May 30, 2022
Ripple price is struggling below $0.4500 against the US Dollar, similar to bitcoin. XRP price must clear $0.4200 to start a fresh recovery wave in the near term.
Ripple Price Analysis
After struggling to clear $0.4500, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.4200 support level to enter a bearish zone.
The price even broke the $0.4000 support and the 55 simple moving average (4-hours). It even spiked below the $0.3800 level and traded as low as $0.3661. Recently, there was an upside correction above the $0.3800 resistance level.
There was a break above the 23.6% Fib retracement level of the key decline from the $0.4369 swing high to $0.3661 low. It is now trading below $0.42 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.4200 and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $0.4100 on the 4-hours chart of the XRP/USD pair.
The next major resistance sits near the $0.4500 zone. An intermediate resistance might be the 50% Fib retracement level of the key decline from the $0.4369 swing high to $0.3661 low. A clear move above the $0.4200 and $0.4500 resistance zones might start a decent recovery.
In the stated case, the price could rise towards the $0.5500 level. An initial support on the downside is near the $0.3800 level. The next main support is near the $0.3600 zone. Any more losses could lead the price towards the $0.3500 level, below which the price might even test $0.3250.
Looking at the chart, ripple price is now trading below $0.4200 and the 55 simple moving average (4-hours). Overall, the price could start a decent recovery wave if it clears $0.4200 and $0.4500.
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.3800, $0.3500 and $0.3200.
Key Resistance Levels – $0.4200 and $0.4500.
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