Ripple Is Speeding Up The Losses, The Declines Are Not Done Yet

Ripple is speeding up the losses with more chances of a decline in the near-term, as it started a major decline below the $0.500 support zone against the US dollar. XRP’s price even broke the $0.4500 support and it now seems that there are chances of more losses so let’s take a closer look at the XRP price analysis in our news below.

Ripple started a steady decline below the $0.500 and $0.4800 levels against the US dollar with the price now trading well below the $0.4750 and the 100 simple moving average. There’s also a major declining channel forming with the resistance near the $0.5330 on the 4-hour charts of the XRP/USD pair. XRP/USD could drop lower if there’s a clear break below the $0.4350 level. We talked about the many chances of a sharp decline in Ripple’s XRP price below $0.4750 with no recovery in sight and the price continuing a sharp decline below the $0.4800 level.

There was a break below the $0.4500 support and the price settled well below the 100 simple moving average with a new low formed near the $0.4352 and the price consolidating the losses. The initial resistance on the upside is nearing the $0.4650 level with the first major resistance being set at the $0.4720 level. This level is close to the 50% fib retracement of the downward movement from the $0.5944 high to the $0.4352 swing low.

The main resistance was formed near the $0.500 zone with a major declining channel forming near the $0.5330 on the 4-hour charts of the pair. If a recovery wave hasn’t come yet above If a recovery wave hasn’t come yet above $0..
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4720, there will be risks of more declines. The next major support is near the $0.4200 level with more losses that will likely lead the price towards the $0.4000 support. If XRP starts a decent recovery wave above $0.4650 resistance, the bulls could try to take control, and breaking above these levels could start a decent recovery.  Ripple is speeding up the losses but there are chances for it to move into the positive zone if it manages to settle above the $0.500 level. Closing above this level could pump the price above $0.5500.

The 4-hour MACD for the pair is gaining momentum in the bearish zone while the 4-hour RSI for the pair is trying to recover from the oversold conditions. The major support levels are set at $0.4350 and to $0.4200 while the major resistance levels are set at $0.4650 and $0.4720.