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Key Points
- The price of the ripple formed a reasonable support close to $ 0.3200-0.3210 and recovered some points against the US dollar
- . C & # 39; is a short-term decreasing channel that forms with resistance near the $ 0.3450 level on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could move some points higher towards the $ 0.3500 and $ 0.3600 levels in the short term.
The price of the ripple is traded with some positive signs compared to the US dollar and Bitcoin. The XRP / USD may perhaps recover higher if the bulls continue to hold $ 0.3200.
Support for price ripple
Yesterday, we saw how Ripple's price managed to hold the minimum of $ 0.3199-0.3200 against the US dollar. The XRP / USD pair subsequently started an upward move and recovered above the resistance levels of $ 0.3350 and $ 0.3400. There was even a break above the Fib retracement level of 23.6% from the last major decline from the low of $ 0.4137 to $ 0.3203 minimum. However, the upward move was limited by resistance levels of $ 0.3550 and $ 0.3560.
In addition, the Fib retracement level 38.2% of the last major decline from $ 0.4137 high to $ 0.3203 reduced the gains. The price is currently lowering towards $ 0.3350. More importantly, there is a short-term decline channel that is formed with resistance close to the $ 0.3450 level on the hourly chart of the XRP / USD pair. It seems that the price is yielding sideways above the $ 0.3200 level and could make another recovery attempt. If there was an upward break above the resistance levels of $ 0.3550 and $ 0.3600, the price could rise to $ 0.3670 and the 100-hour moving average.
graph, the price of ripple is under pressure, but the support area of $ 0.3200 contains the key. Below this, the price will most likely fall towards the $ 0.3000 level in the short term.
Looking at the technical indicators:
MACD timetable – MACD for XRP / L & # 39; USD is slowly moving into the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD fell below the 50 level.
Main support level – $ 0.3200
Main resistance level – $ 0.3600
