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- The price of ripple found support above the $ 0.3100 level and recovered over $ 0.3300 against the US dollar.
- There was a break above an important bearish trend line with resistance at $ 0.3200 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could extend gains to $ 0.3500 if there is a break above the resistance of $ 0.3360.
The price of the ripple has recovered nicely in the last hours against the US dollar and Bitcoin. The XRP / USD can hit the resistance from $ 0.3500 if it breaks $ 0.3360 and $ 0.3400.
Price analysis of undulations
Recently, we have seen a significant decline under the support of $ 0.3400 in ripple against the US dollar. The XRP / USD pair even broke support levels of $ 0.3360 and $ 0.3200. He traded near the $ 0.3100 level and stood at a low of $ 0.3112. Subsequently, the price began to consolidate losses at a bullish angle above $ 0.3200. Finally, sellers lost control, with a sharp rise of $ 0.3250. There was a break above the Fib retracement level of 23.6% from the last major drop from $ 0.3817 up to $ 0.3112 down.
More importantly, there was a break above an important bearish trend line with resistance at $ 0.3200 on the hourly chart of the XRP / USD pair. The pair positioned above the $ 0.3280 level and the 100-hour moving average. However, the price met with a key resistance around $ 0.3360 (previous support and high range). The price is currently consolidating above $ 0.3280 and the 100-hour SMA. Buyers need to earn more than $ 0.3360 and $ 0.3375 to push the price further. The next stop for them could be close to $ 0.3460. It coincides with the 50% fiber retracement level of the last big drop from $ 0.3817 up to $ 0.3112 down.
Looking at the chart, the price of ripple made a nice upward climb above the levels of $ 0.3250 and $ 0.3280. With that said, a positive closing above $ 0.3360 is needed for an acceleration of $ 0.3400 and $ 0.3500.
Technical indicators
MACD time – The MACD for XRP / USD may return to the bearish zone, signaling a downward correction.
RNA timetable (relative strength index) – The RSI for XRP / USD is moving down to level 55.
Main support level: $ 0.3250
Main resistance level: $ 0.3360
