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- The price of the ripple has recently gained bullish momentum above the resistance of $ 0.3650 against the US dollar.
- There was an interruption over a key triangle with resistance at $ 0.3665 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair traded towards the $ 0.3840 level and currently corrects the lowest level.
The price of the ripple is back in a positive zone compared to the US dollar and Bitcoin. The XRP / USD could reduce the support of $ 0.3700 by some points before a new upward move in the short term.
Price analysis of undulations
Yesterday we discussed a possible upward move above $ 0.3680 in ripple against the US dollar. The XRP / USD pair gained bullish momentum and outperformed $ 0.3600 and $ 0.3650. It also eliminated the Fib retracement level 76.4% of the last slide from $ 0.3760 high to $ 0.3580 low. More importantly, there was an adequate closing above the resistance of $ 0.3680 and the simple moving average at 100 hours.
Finally, there was a break above a key triangle with resistance at $ 0.3665 on the hourly chart of the XRP / USD pair. He opened the door for further gains and the price was trading above $ 0.3800. A new intraday maximum was formed at $ 0.3823 and thereafter the price was corrected lower. It is currently trading below the levels of $ 0.3800 and $ 0.3780. The sellers pushed the price below the Fib retracement level to 23.6% of the recent wave, from a low of $ 0.3591 to $ 0.3823. However, there are many supports on the negative side close to the levels of $ 0.3720 and $ 0.3700. In addition, the 50% retracement level of recent wave fiber from the low of $ 0.3591 to $ 0.3823 is $ 0.3706.
Looking at the chart, the price of ripple is currently positioned well in a positive zone above the $ 0.3680 level. In the short term, there may be some bearish moves, but the $ 0.3700 support could act as a support. On the upside, the price may soon break $ 0.3850 and $ 0.3900.
Technical indicators
MACD timetable – The MACD for XRP / USD is gaining momentum in the bullish zone, signaling further gains.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently positioned well above level 60.
Main support level: $ 0.3700
Main resistance level: $ 0.3840
