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Key points
- The price of ripple has been corrected more recently and has tested the resistance area of $ 0.4500 compared to the US dollar.
- There was a break above a key bearish trend line with resistance at $ 0.4400 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair can correct lower before another attempt can be made to exceed $ 0.4500-0.4520.
The price of the ripple recovered well against the US dollar and bitcoin. It is likely that the XRP / USD will cancel the resistance of $ 0.4500 to test the next obstacle near the $ 0.4600 level.
Price analysis of undulations
Yesterday, there was another negative reaction from the $ 0.4460 level of the ripple against the US dollar. The XRP / USD pair fell and traded to the $ 0.4340 support area where buyers emerged. There was a strong buying interest near $ 0.4340, which caused a strong upward push. The price resumed and broke resistance levels of $ 0.4400 and $ 0.4460.
Furthermore, there was a break above a key bearish trend line with resistance at $ 0.4400 on the hourly chart of the XRP / USD pair. The pair even exceeded the resistance of $ 0.4500 and the simple 100-hour moving average. However, the price did not remain above the $ 0.4500 level and reached a maximum of $ 0.4577. Subsequently, there was a downward correction and the price moved below $ 0.4500. It also eliminated the fiber retracement level of 23.6% of the last wave, from $ 0.4233 downwards to $ 0.4577 at the top. It seems that the price can further correct in the short term towards the supports of $ 0.4450 or $ 0.4400.
Looking at the chart, the price of ripple is showing positive signs above $ 0.4400. However, buyers need to clear resistance levels of $ 0.4500 and $ 0.4520 to push the price towards the resistance of $ 0.400. On the downside, a break below the $ 0.4400 level could bring the price back to $ 0.4340.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD may return to the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is well above level 50.
Main support level: $ 0.4400
Main resistance level – $ 0.4500
