#Ripple is currently facing a significant challenge as it struggles to surpass the $0.3850 mark against the US Dollar, much like Bitcoin. To avoid further declines in the near future, the XRP price must remain above $0.3500.
Unfortunately, in the past week, the Ripple price experienced a bearish reaction from the $0.4000 zone against the US Dollar. As a result, the XRP/USD pair fell below the $0.3850 support zone, pushing it into a bearish zone.
Recently, there has been a significant drop in price, causing it to fall below $0.3800. In fact, it even plummeted below the $0.3550 mark, reaching a low of $0.3473. However, the market is now in the process of correcting these losses and has risen above the $0.355 level. This correction was aided by a move above the 23.6% Fib retracement level, which measures the downward move from the $0.4018 swing high to the $0.3473 low. Despite this upward trend, the price is still trading below $0.3700 and the 100-hour simple moving average.
Accordign to #priceanalysis ,XRP/USD is currently encountering resistance at the $0.3750 level. Additionally, a significant bearish trend line is forming with resistance at the same level on the 4-hour chart. The primary resistance level to watch out for is at the $0.3840 mark. If the price manages to break through both the $0.3800 and $0.3840 resistance zones, it could potentially trigger a fresh increase in value. In this scenario, the price may even surpass the $0.4020 resistance level, leading to further gains and potentially reaching the $0.4250 resistance level.
If XRP fails to cross the $0.3750 resistance, then initial support level near $0.3550, followed by a significant support level near $0.3470, which is also the last swing low. If the price continues to decline, it may reach the $0.3350 level, and if it falls below that, it could even test the $0.3200 level. It is important to keep an eye on these support levels as they may indicate a potential trend reversal or continuation.
KEY LEVELS :
RESISTANCE LEVEL : $0.3660-$0.3770
SUPPORT LEVEL : $0.3470-$0.3400
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
