Ripple price has been struggling to stay above the $0.385 mark against the US Dollar over the past week. The price has dropped below the $0.3850 mark and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.3800 on the 4-hours chart of the XRP/USD pair.
The XRP/USD pair has seen a bearish reaction from the $0.4050 zone this past week. The price dropped below the $0.3920 support zone to move into a bearish zone. There was a clear move below the 50% Fib retracement level of the upward move from the $0.3620 swing low to $0.4086 high.
An initial support on the downside is near the $0.3730 mark. It is near the 76.4% Fib retracement level of the upward move from the $0.3620 swing low to $0.4086 high. The next major support is near the $0.3650 level or the last swing low. If the price fails to stay above the $0.3620 and $0.3500 support levels, it could extend losses.
On the upside, the price is facing resistance near the $0.3800 and the trend line. The next major resistance is near the $0.3850 level. A clear move above the $0.3850 and $0.3900 resistance zones might start a fresh increase and the price could even surpass the $0.4000 resistance.
Looking at the technical indicators, the MACD for XRP/USD is now gaining momentum in the bearish zone and the RSI for XRP/USD is below the 50 level. The key support levels are $0.3730, $0.3620 and $0.3500, while the key resistance levels are $0.3850 and $0.3900.
Overall, the price of Ripple is struggling to stay above the $0.385 mark and the 55 simple moving average (4-hours). If it fails to stay above this level, it could extend losses. On the upside, the price needs to break the $0.3850 and $0.3900 resistance levels to start a fresh increase. If it succeeds in doing so, it could even surpass the $0.4000 resistance.
