Ripple (XRP) Price Analysis: September 4, 2020

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Ripple dropped drastically against the US Dollar, along with Bitcoin (BTC) and Ethereum (ETH). XRP price even broke the $ 0.2500 support zone and is currently correcting losses.

XRP dropped over 10% within 2 days and broke the $ 0.2620 and $ 0.2550 levels against the US Dollar. The cryptocurrency was trading at $ 0.25408 at the time of writing.

XRP price traded from $ 0.2372 to a new weekly low and is now well below the 100 hourly simple moving average. There is a major bearish trend line with resistance near $ 0.2560 on the hourly chart of the XRP / USD pair. The pair may correct a few points, but it is likely to face hurdles around $ 0.2560.

XRP Price Falls

The recent decline in Ethereum and Bitcoin drove the surge below the $ 0.2650 support. XRP extended its decline below the $ 0.2550 support zone and settled well below the 100 hourly simple moving average. The bears even pushed the price below the $ 0.2500 support zone. The price traded from $ 0.2372 to a new weekly low and is currently rising. There was a break above the $ 0.2450 resistance and the 23.6% Fib retracement level of the last decline from the $ 0.2674 low to $ 0.2372.

The first key resistance is near the $ 0.2500 and $ 0.2520 levels. The cryptocurrency is currently trading at $ 0.254087.

More importantly, there is a major bearish trend line with resistance near $ 0.2560 on the hourly chart of the XRP / USD pair. A clear break above the $ 0.2500 and $ 0.2560 resistance levels is essential for a wave of good recovery in the coming days. The next key resistance is near the $ 0.2660 level, with the bulls likely to test the $ 0.2750 resistance in the near term.

See Also
Ripple comment from analysts: "Bull run is coming"

Will there be a Decline in XRP?

If the surge fails to recover above the $ 0.2500 resistance or trend line, the price is likely to drop below the $ 0.2450 and $ 0.2440 levels.

The next major support is near the recent low and at $ 0.2380, below that the price is likely to drop towards the $ 0.2320 support or even the pivot level of $ 0.2200.

Technical Indicators

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

Hourly RSI (Relative Strength Index): The RSI for XRP / USD is rising towards the 40 level.

Major Support Levels: $ 0.2440, $ 0.2400 and $ 0.2380.

Major Resistance Levels: $ 0.2550 and $ 0.2560.


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