Market Analyst: Follow Carefully! Ripple Price Plays To These Levels

Ripple price is trying to clear the $ 0.5800 resistance against the US Dollar. Ripple price is showing bearish signs and may slide below $ 0.5420, according to renowned analyst Aayush Jindal.

• Ripple price jumped just above the $ 0.6000 level before taking a fresh dip against the US dollar.
• The price is currently trading well below the $ 0.5680 support and the 100 hourly simple moving average.
• There is a key bearish trend line with resistance around $ 0.5800 on the hourly chart of the XRP / USD pair (data source from Kraken).
• If there is a clear break below $ 0.5500 and $ 0.5420, the pair is likely to continue to decline.

Analyst: Ripple price shows bearish signs and could slide below $ 0.5420

There have been bearish movements in Bitcoin, Ripple and Ethereum in the past 2-3 sessions. Ripple price rose close to $ 0.6059 before starting a new decline. There was a clear break below the $ 0.5800 and $ 0.5750 support levels. There is a key bearish trend line with resistance near $ 0.5800 on the hourly chart of the XRP / USD pair. 

The pair even traded below the $ 0.5650 support and settled well below the 100 hourly simple moving average. XRP slid below the 50% Fib retracement level of the bullish move. The downside emergency support is near the $ 0.550 level, according to the analyst. The first key support is near the $ 0.5420 level, according to the analyst. This level is near the 61.8% Fib retracement level of the move from the $ 0.5024 low to $ 0.6059.

Here are the critical levels that Ripple price can see in the short term.

A successful close below the $ 0.5500 and $ 0.5420 support levels could initiate a new low in the coming sessions. In the stated situation, according to the analyst, XRP is at risk of falling to the $ 0.5200 support or even to $ 0.5100. XRP below the $ 0.5420 support could initiate a decent uptrend if there is no downside break. 

An initial upside resistance is near the $ 0.5650 level, according to the analyst. The first major resistance is near the $ 0.5720 level, according to the analyst. The main resistance is the bearish trend line forming near the $ 0.5800 and the 100 hourly simple moving average. A close above the $ 0.5800 level could initiate a strong increase towards the $ 0.6000 and $ 0.6120 levels in the near term.

Current view of Ripple price with technical indicators

Hourly MACD: The MACD for XRP / USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index): The RSI for XRP / USD is currently well below the 50 level.

Major Support Levels: $ 0.5500, $ 0.5420 and $ 0.5200.

Major Resistance Levels: $ 0.5650, $ 0.5700 and $ 0.5800.