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Ripple Price Analysis: Key Resistance Nearby At $0.322 min read

Jun 6, 2022 2 min

Ripple Price Analysis: Key Resistance Nearby At $0.322 min read

Reading Time: 2 minutes

Ripple price started a fresh decline from the $0.3700 zone against the US dollar.
The price is now trading above $0.30 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.3000 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The pair could start a decent increase if there is a clear move above the $0.3200 resistance.

Ripple price is struggling below $0.4000 against the US Dollar, similar to bitcoin. XRP price must clear $0.3200 to start a fresh recovery wave in the near term.

Ripple Price Analysis

After struggling to clear $0.4000, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.3500 support level to enter a bearish zone.

The price even broke the $0.3200 support and the 55 simple moving average (4-hours). It even spiked below the $0.3000 level and traded as low as $0.2541. Recently, there was an upside correction above the $0.2800 resistance level.

There was a break above a major bearish trend line with resistance near $0.3000 on the 4-hours chart of the XRP/USD pair. The pair is now trading above $0.40 and the 55 simple moving average (4-hours).

There was also a spike above the 50% Fib retracement level of the key decline from the $0.3692 swing high to $0.2514 low. On the upside, the price is facing resistance near $0.3200.

It is near the 61.8% Fib retracement level of the key decline from the $0.3692 swing high to $0.2514 low. The next major resistance sits near the $0.3500 zone. A clear move above the $0.3200 and $0.3500 resistance zones might start a decent recovery.

In the stated case, the price could rise towards the $0.4000 level. An initial support on the downside is near the $0.3000 level. The next main support is near the $0.2720 zone. Any more losses could lead the price towards the $0.2500 level, below which the price might even test $0.2250.

Ripple Price

Looking at the chart, ripple price is now trading above $0.3000 and the 55 simple moving average (4-hours). Overall, the price could start a decent recovery wave if it clears $0.3200 and $0.3500.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Key Support Levels – $0.3000, $0.2720 and $0.2500.

Key Resistance Levels – $0.3200 and $0.3500.

The post Ripple Price Analysis: Key Resistance Nearby At $0.32 appeared first on Live Bitcoin News.

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