Ripple (XRP) Price Breaks Down: Can Bulls Protect $0.40?

Ripple price failed to hold the key $0.4400 support area and declined recently against the US dollar.
The price declined below the $0.4200 support area and even spiked below $0.4000.
There was a break below a major ascending channel with support at $0.4380 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently near $0.4120, but there is a risk of more losses in the near term.

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Ripple price failed to continue higher and declined sharply against the US Dollar and bitcoin. XRP is currently under pressure and it seems like the bulls may struggle to hold $0.4000.
Ripple Price Analysis
In the past few days, there was a steady rise in ripple price above the $0.4200 and $0.4380 resistance against the US Dollar. The XRP/USD pair even broke the $0.4500 resistance and settled above 100 hourly simple moving average. Finally, there was a push above the $0.4610 level. However, the price failed to stay above the $0.4600 level and there was a major bearish reaction. The price declined heavily and broke the key $0.4500 and $0.4440 support levels.
During the decline, there was a break below a major ascending channel with support at $0.4380 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4200 support area and the 100 hourly simple moving average. Finally, there was a spike below the $0.4000 level and the price traded as low as $0.3964. At the moment, the price is correcting above $0.4100 and the 23.6% Fib retracement level of the recent decline from the $0.4646 high to $0.3964 low. On the upside, there are many hurdles for the bulls near the $0.4300 level. The broken trend line support near $0.4320 and the 100 hourly SMA could prevent upsides.
Moreover, the 50% Fib retracement level of the recent decline from the $0.4646 high to $0.3964 low is also near the $0.4305 level to act as a resistance. Therefore, if there is an upside correction, the price could struggle near the $0.4300 level. A successful close above $0.4320 and the 100 hourly SMA might start a fresh increase. If not, there is a risk of more losses below $0.4100 and $0.4000.

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Looking at the chart, ripple price clearly moved into a short term bearish zone below $0.4300. If the bulls continue to struggle near $0.4300, there might be another push below the $0.4000 level.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a negative angle.
Major Support Levels – $0.4100, $0.4000 and $0.3920.
Major Resistance Levels – $0.4250, $0.4300 and $0.4320.
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