Ripple Price Drops Below $0.3750, Risk of Further Losses Looms

• Ripple price is struggling below $0.3800 against the US Dollar, similar to bitcoin.
• The price is now trading below $0.3750 and the 55 simple moving average (4-hours).
• XRP price must stay above $0.3500 to avoid more downsides in the near term.

Ripple Price Analysis

Ripple price started a fresh decline from the $0.3850 zone against the US dollar. The pair could extend losses if it stays below the $0.3800 resistance zone and XRP price must stay above $0.3500 to avoid more downsides in the near term.

Trend Line Formation

There is a key bearish trend line forming with resistance near $0.3700 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). An initial support on the downside is near the $0.3625 which is near the 61.8% Fib retracement level of the upward wave from the $0.3520 swing low to $0.3801 high. The next major support is near the$0.3520 level orthe last swing low, while any more losses could leadthe pricetowards$0.3320 level, below whichthe pricemight even test$ 0 .3000 .

Resistance Levels

On the upside, there are several resistances for Rippleprice including$ 0 .3660 andtrend line resistance mentioned above followed by$ 0 .3800 major resistancelevel ,then mainresistanceisnear$ 0 .3850zone . A clear moveabovethe$ 0 .3800 and$ 0 .3850resistance zonesmight starta freshincreaseandanymoregainsmightsendthepricetowardsthe$ 0 .418resistance .

Technical Indicators

Looking at technical indicators, Ripplepriceisnowtradingbelowthe$ 0 .385zoneandthe55simplemovingaverage(4 – hours) , whileMACDindicatorisnowgainingmomentuminbearishzoneandRSIisexhibitingsignsofweaknessbelow 50level indicatinganoverallbearishsentimentinthemarketforXRP/USDpairincomming sessions ahead ..

Conclusion

Overall,ripplepricecouldextendlosessifitstaysthebelowthe$ 0 .3750resistancezoneintheshorttermtomovemorelowertowardsthelastswinglowat$ 0 .3520whileabovestatedlevelswilllikelytoleadtothebullishrecoveryintheupcomingperiods..