Ripple Price Plummets, Could Dive Below $0.44 Soon
- Ripple price started a fresh decline from the $0.490 zone against the US dollar.
- It is now trading below $0.480 and the 55 simple moving average (4 hours).
- The pair could extend losses if it stays below the $0.490 resistance zone.
XRP Price Overview
Ripple price started a fresh decline from the $0.490 zone against the US dollar. The price is now trading below $0.480 and the 55 simple moving average (4 hours). There is a key rising channel forming with support near $0.4550 on the 4-hour chart of the XRP/USD pair (data source from Bittrex). The pair could extend losses if it stays below the $0.490 resistance zone.
This past week, Ripple price attempted an upside break above the $0.500 zone against the US Dollar but failed to gain bullish momentum and formed a high near $0.4868 instead. The price then started a fresh bearish wave and declined below the $0.4750 support before breaking through even lower levels, such as dipping under both the 55 simple moving average (4 hours) and even its 61.8% Fib retracement level of its upward move from its swing low at 0$4322 to its high at 0$4868 respectively..
Resistance & Support Levels
On its way up, XRP is currently facing resistance near around 0$470, with more major resistances being set at 0$485 and 0$499 respectively . If these levels are breached, we can expect to see another wave of bullishness that might send Ripple’s prices momentarily over 0$520 in an attempt for it to reach higher highs this time around too.. In case of further bearishness however, initial supports are placed near 0$460 while other more major supports lie at 0$455 along with both a channel trend line as well as its 61.8% Fibonacci Retracement Level respectively which should hold up any downward thrusts seen this month of May 2023..