After a significant drop, the price of ripple vs the US Dollar regained support near $0.7800. The XRP/USD pair has lately begun a new upward trend after trading as low as $0.7819.
The price moved into the positive zone after breaking over the $0.8000 level. The bearish move from the $0.9113 swing high to the $0.7819 low was clearly retraced around the 23.6 percent Fib retracement level.
However, in the $0.8500 zone and the 55 simple moving average, the price meets a severe roadblock (4-hours).
The price also fell short of the 50% Fib retracement level of the decline from the $0.9113 swing high to the $0.7819 low.
However, in the $0.8500 zone and the 55 simple moving average, the price meets a severe roadblock (4-hours).
The price also fell short of the 50% Fib retracement level of the decline from the $0.9113 swing high to the $0.7819 low.
On the 4-hours chart of the XRP/USD pair, a strong negative trend line is forming with resistance near $0.8450.
The price has dropped below $0.85 and is now trading below the 55-day simple moving average (4-hours). Near the $0.8200 level, there is some initial support.
The major support level is around $0.8000. Any further losses in the short term might push the price towards the $0.7800 level, below which it could touch $0.7500.
On the upside, the price is coming up against resistance near $0.8450. Near the $0.8500 level, the next major resistance is found.
A decisive move above $0.8500 might push the price towards $0.9000. Any further rises might push the price towards $0.9500.
The price of ripple is currently trading below $0.8500 and the 55 simple moving average on the chart (4-hours).
Source : https://www.tradingview.com/symbols/XRPUSD/
Overall, if the price can overcome the $0.8500 resistance zone, it may begin to rise again.
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