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Key points
- The price of ripple dropped sharply, trading below the support area of $ 0.3500 and subsequently recovered against the US dollar.
- There is a bearish trend line in place with resistance at $ 0.3750 on the hourly chart of the XRP / USD pair (data source from Kraken).
- It is likely that the pair will batch to clear resistance levels of $ 0.3900 and $ 0.4000 in the short term.
The price of the ripple is subject to strong selling pressures against the US dollar and bitcoin. The XRP / USD must break resistance from $ 0.3750 and $ 0.3900 to recover further.
Price analysis of undulations
There was a bad downtrend from well beyond the $ 0.4200 level in ripple compared to the US dollar. The XRP / USD pair collapsed and broke support levels of $ 0.400 and $ 0.3500. There was also a closing below the $ 0.3500 level and a simple 100-hour moving average. The decline was such that the price was trading close to the $ 0.3100 level. A new monthly minimum was formed at $ 0.3126 before the price started an upward correction.
It has recovered above the levels of $ 0.3400 and $ 0.3500. There was also a break above the 50% Fibra retracement level of the recent decline from $ 0.4143 upwards to $ 0.3126 below. However, the upward move was limited by the resistance of $ 0.3900 and the SMA to 100 hours. In addition, there is a bearish trend line in place with resistance at $ 0.3750 on the hourly chart of the XRP / USD pair. The pair also struggled to settle above the Fib retracement level of 61.8% from the recent decline from the low of $ 0.4143 to $ 0.3126 minimum. It seems that the price should break resistance levels of $ 0.3800, $ 0.3900 and $ 0.4000 to return to a positive zone.
Looking at the chart, the price of ripple is currently under pressure under the resistance of $ 0.3900. On the downside, the main supports are $ 0.3550 and $ 0.3400.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is close to level 50.
Main support level: $ 0.3400
Main resistance level: $ 0.3900
