Ripple is consolidating below the $0.35 resistance zone against the US Dollar. XRP price could extend its decline if there is no recovery wave above the $0.35 barrier. Ripple is currently consolidating below the $0.35 and $0.365 levels against the US dollar. The price is now trading below $0.365 and the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair could start a decent recovery if it clears the $0.350 resistance zone. Ripple Price Faces Resistance After struggling to clear the $0.40 resistance, ripple’s XRP started a fresh decline against the US Dollar. The price dropped below the $0.380 and $0.365 support levels to move into a bearish zone. The price gained pace below the $0.35 support and settled below the 100 simple moving average (4-hours). The bulls finally appeared near the $0.332 level. A low is formed near $0.3321 and the price is now consolidating losses, just like bitcoin and ethereum. Xrp price climbed a few points above the $0.340 level. An immediate resistance is near the $0.350 zone. There is also a key bearish trend line forming with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the downward move from the $0.3968 swing high to $0.3321 low. A successful break above the $0.350 resistance might send the price towards the $0.365 resistance. It is close to the 50% Fib retracement level of the downward move from the $0.3968 swing high to $0.3321 low. Source: XRPUSD on TradingView.com The next key resistance is near the $0.372 level and 100 simple moving average (4-hours). Any more gains might send the price towards the $0.40 level in the coming days. More Downsides in XRP? If ripple fails to clear the $0.350 resistance zone, it could continue to move down. An initial support on the downside is near the $0.340 level. The next major support is near $0.332. If there is a downside break and close below the $0.332 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.320 support. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.340, $0.332 and $0.305. Major Resistance Levels – $0.350, $0.365 and $0.372.
