Ripple’s token price is down over 20% against the US Dollar. XRP price is gaining bearish momentum and might revisit the $0.40 zone.
- Ripple’s token price is moving lower from the $0.620 resistance against the US dollar.
- The price is now trading below $0.55 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to decline toward the $0.42 and $0.40 levels.
Ripple’s Token Price Plunges To $0.40
After struggling to rise above the $0.65 resistance, Ripple’s XRP started a fresh decline against the US Dollar. There was a strong decline below the $0.550 support zone, similar to Bitcoin and Ethereum.
The price is down over 20% and there was even a spike below $0.420. A low is formed near $0.3994 and the price is now attempting a recovery wave. There was a wave above the $0.45 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low. XRP is now trading below $0.55 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair. Initial resistance on the upside is near the $0.520 zone. It is close to the 50% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low. The next major resistance is near the $0.550 level. The main resistance is now forming near the $0.585 zone and the trend line.
