Ripple Price Analysis: XRP/USD At Risk Of More Losses
Ripple price failed to move above the $0.4400 and $0.4500 resistances and declined against the US dollar.
There was a downside break below a contracting triangle with support at $0.4300 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to break the recent low of $0.4000 to extend the current decline in the near term.
Ripple price failed to gain momentum against the US Dollar and Bitcoin. XRP/USD is down below $0.4300 and it could continue to move down. The past three sessions were pretty bearish as ripple price failed to break the $0.4500 resistance against the US Dollar. The XRP/USD pair even struggled to clear the $0.4400 resistance and remained well below the 100 hourly simple moving average. During the decline, there was a break below the 61.8% Fib retracement level of the recent wave from the $0.4006 low to $0.5010 high.Moreover, there was a downside break below a contracting triangle with support at $0.4300 on the hourly chart of the XRP/USD pair. The pair is now trading well below the $0.4400 resistance and the 100 hourly SMA. The current price action is clearly negative below the 76.4% Fib retracement level of the recent wave from the $0.4006 low to $0.5010 high. It seems like there are high chances of more losses below the $0.4060 support. If sellers gain control, the price may even clear the $0.4000 support area for an extended decline.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
Ripple’s (XRP) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as CEX.io and Changelly.com.
