• Ripple price started a fresh decline from the $0.540 zone against the US dollar, falling below $0.500 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $0.5100 on the 4-hour chart of XRP/USD pair, pushing it to test the $0.4400 support zone.
• Ripple’s price is now trading below the $0.500 zone and the 55 simple moving average (4 hours), and could extend losses if it stays below the $0.500 resistance zone.
Ripple Price Analysis
Ripple price started a fresh decline from the $0.540 zone against the US dollar, trading below both $0.500 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support near $0.5100 on the 4-hour chart of XRP/USD pair, pushing it to test the $0.4400 support zone before correcting higher again above $0.500 level but still trading under 55 SMA (4 hours).
XRP/USD Technical Outlook
Looking at Ripple’s technical chart, it has been struggling to stay above its initial resistance levels of around 0$50 mark as well as 55 SMA (4 hours) which might indicate that bears are in control of market sentiment for now . Initial support on downside is seen near 0$45 mark while any further losses could lead it towards testing 0$40 psychological level in coming days .
Resistance Levels
On upside , immediate resistance is seen at 0$50 mark followed by 0$54 level . To gain momentum for further gains , Ripple needs to clear these levels convincingly .
Support Levels
On downside , immediate support lies at 0$45 mark followed by 0$44 while failure to hold this region could push prices towards testing critical psychological level of 0$40 in coming days .
Conclusion
Overall , Ripple price has been struggling beneath its initial resistances near 0$50 level along with 55 SMA (4hours) which suggest that bearish sentiments remain intact in markets unless bulls managed to push prices beyond mentioned resistances convincingly .