• Ripple price started a fresh decline from the $0.470 zone against the US dollar.
• The bearish trend line formed with resistance near $0.440 on the 4-hour chart of the XRP/USD pair.
• XRP price could decline further if it settles below the $0.450 support in the near term.
Ripple Price Analysis
Ripple price is struggling below $0.450 against the US Dollar, similar to Bitcoin. There is a major bearish trend line forming with resistance near $0.440 on the 4-hour chart of the XRP/USD pair (data source from Bittrex). The pair could extend losses if it stays below the $0.450 resistance zone.
On the upside, Ripple price is facing resistance near $0.440 which is close to 50% Fib retracement level of its downward move from swing high at $0.4704 to low at 0$4100 and 61% Fib retracement level near 0$4480 as well as a trend line resistance . A clear move above these levels might start a fresh increase and push prices towards 0$4800 mark in near term future .
Initial support on downside for Ripple is seen near 0$416 followed by major support at 0$410 level . Any more losses could lead prices towards 0$400 levels and even test 0$388 mark .
The MACD for XRP/USD is now losing momentum in bearish zone which indicates that bears are still dominating over bulls in short term market sentiments .
Overall, Ripple’s price is trading below critical resistances like 55 simple moving average (4 hours) and bearish trendline with resistance around 0$440 . It could extend losses if it stays below critical resistance zone of 0$4500 in short term future .