Ripple Price Analysis: Risk of More Losses Below $0.55January 25, 2022
Ripple price is trading in a bearish zone below $0.7000 against the US Dollar, like bitcoin. XRP price could extend decline if there is a move below the $0.5500 support.
Ripple Price Analysis
After struggling to clear the $0.7500 zone, ripple price started a fresh decline against the US Dollar. The XRP/USD pair declined below the $0.7000 support zone to move into a bearish zone.
The pair declined sharply below the $0.6500 level and the 55 simple moving average (4-hours). The pair traded as low as $0.5500 and recently corrected higher. There was a recovery wave above the $0.6000 level. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.76160 swing high to $0.5500 low.
The pair is still trading below $0.7000 and the 55 simple moving average (4-hours). Besides, there is a key contracting triangle forming with resistance near $0.6200 on the 4-hours chart of the XRP/USD pair.
The next key resistance is near the $0.6500 level. It is near the 50% Fib retracement level of the downward move from the $0.76160 swing high to $0.5500 low. A close above the $0.6500 level could push the price towards the $0.7000 level.
The next major resistance is near the $0.7500 level. Any more gains could lead the price towards the $0.80 level. If there is no upside break above $0.6500, the price could resume its decline.
The next major support is near the $0.5500 level. Any more losses could lead the price towards the $0.4200 level in the near term.
Looking at the chart, ripple price is now trading below $0.7000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if it stays above the $0.5500 support zone.
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.5800, $0.5500 and $0.5000.
Key Resistance Levels – $0.6200 and $0.6500.
Source: Read Full Article