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Key points
- The price of the ripple has declined and has revisited the support area of $ 0.3380 against the US dollar.
- The important downtrend line highlighted yesterday showed resistance at $ 0.3500 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair must stay above support levels of $ 0.3380 and $ 0.3360 to recover in the short term.
The price of the ripple is under pressure against the US dollar and bitcoin. The XRP / USD must exceed $ 0.3500 and $ 0.3540 to gain bullish momentum.
Price analysis of undulations
During the last few sessions, there were downward moves below $ 0.3650 in ripple against the US dollar. The XRP / USD pair traded below $ 0.3500 and settled below the 100-hour simple moving average. There were a couple of waves of correction, but the positive sides were limited by $ 0.3650 and $ 0.3510. The last rejection was close to the area from $ 0.3500 to 0.3510 before the price was traded below $ 0.3400.
The price tested the support area of $ 0.3360-0.3380 in which the buyers emerged. A new low amounted to $ 0.3341 and the price is currently consolidating. The first obstacle is the important bearish trend line highlighted yesterday with resistance to $ 0.3500 on the hourly chart of the XRP / USD pair. Above the trendline, the 50% fiber retracement level of the last decline from $ 0.3750 upwards to $ 0.3341 below may stop. However, the main resistance is around $ 0.3580 and the SMA at 100 hours. It coincides with the Fib retracement level of 61.8% from the last decline, from $ 0.3750 upwards to $ 0.3341 below.
Looking at the chart, the price of ripple seems to follow a bearish path below $ 0.3600 and $ 0.3580. On the downside, if there is a break below $ 0.3380 and $ 0.3360 support, there could be more losses. The next key support is close to $ 0.3180 where buyers could emerge.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is about to enter the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is just above level 40.
Main support level: $ 0.3380
Main resistance level: $ 0.3580
