Ripple price analysis is bearish today as the XRP/USD pair is pressured below $0.410. The key support area is $0.3850, while the closest resistance is $0.5. There is a bearish trend line forming with resistance near $0.49 on the hourly chart of the XRP/USD pair. The pair will likely extend losses if it breaks the $0.4050 support area.
The Ripple price started a fresh decline from above the $0.5 resistance area against the US Dollar. The XRP/USD pair broke many important supports near the $0.4900 and $0.4550 levels to move into a bearish zone. There was even a close below the $0.4150 level and the 100-hour simple moving average. The price declined sharply and tested the key $0.3850 support area. A swing low was formed near $0.3858, and the price started an upward move.
It climbed above the $0.4000 level but failed to gain bullish momentum above the $0.4200 resistance area. A sharp rejection was noticed near the $0.4230 level. The price started another downside wave and traded below the $0.4000 support area. A new weekly low was formed near $0.3858 before the price started an upside correction. It recovered above the $0.4000 level but faced many hurdles near the $0.4200 and $0.4250 levels.
Ripple price movement in the last 24 hours: Bears dominate the market
Immediate resistance is near the $0.4300 level, above which ripple price analysis could test the key $0.4450 resistance area. The main resistance is now near the $0.4500 level, above which the price is likely to start a strong upward move towards the $0.5000 level in the near term.
Source: Tradingview
On the downside, an initial support area is near the $0.4100 level, below which ripple’s price could test the $0.4000 support area in the near term. The main support is now near the $0.3850 level, below which there is a risk of a sharp decline towards the $0.3500 level in the coming days.
XRP/USD 4-hour price analysis chart: Recent price developments
On the 4-hour Ripple price analysis chart, the price is currently trading well below the $0.5000 resistance area. There could be more losses unless the price climbs above the $0.5000 resistance in the near term.
Source: Tradingview
The RSI for XRP/USD is currently at 54.35, and it remains in the neutral territory. While the MACD line has crossed over the red signal line in the bearish territory, there could be a short-term relief rally.
The major support area is near the $0.3850 level, below which the price is likely to start a sharp decline towards the $0.3500 support level in the coming days.
Conversely, if the bulls push the price above the $0.4350 resistance, there can be an upward move towards the key $0.4450 and $0.4500 resistance levels in the short term.
Ripple price analysis: Conclusion
Overall, the Ripple price analysis is under a lot of pressure below the $0.4250 level, and it could extend losses towards the key $0.3850 support area in the near term. Only a close above the $0.4350 resistance might start a decent recovery wave in XRP/USD.
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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-05-20/