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Key points
- The price of the ripple was traded at $ 0.5626 and subsequently corrected downward against the US dollar.
- There was a break below an important uptrend line with support for $ 0.5300 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could further correct towards the short term $ 0.5080 or $ 0.4940 support level.
The price ripple is correcting recent gains against the US dollar and bitcoin. XRP / USD remains well supported on the negative side near the $ 0.5080 level.
Price analysis of undulations
Yesterday, there was a solid bullish trend formed above the $ 0.5400 level in ripple against the US dollar. The XRP / USD pair traded above the $ 0.5600 level and formed an intraday high at $ 0.5626. Subsequently, the price started a downward correction and traded below the $ 0.5400 level. During the slide, the price broke the fiber retracement level of 23.6% of the last wave, from $ 0.4609 down to $ 0.5626 up.
More importantly, there was a break below an important uptrend line with support of $ 0.5300 on the hourly chart of the XRP / USD pair. The pair was also traded below the $ 0.5280 support level recently. The next key support is near the $ 0.5115 level. Represents the fiber retracement level of 50% of the last wave, from $ 0.4609 down to $ 0.5626 up. If there are any further losses, the price could find support near $ 0.5080 or $ 0.4940. In addition, the 100-hour moving average is positioned near the $ 0.4995 level to serve as strong support.
Looking at the chart, the price of ripple is currently correcting earnings from the $ 0.5626 peak. With that said, there are a lot of media on the negative side between $ 0.4940 and $ 0.5115. Once the current wave has been completed, the price may return to exceed $ 0.5400.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is back in the bearish zone.
Hour RNA (relative strength index) – The RSI for XRP / USD has moved sharply below the 50 level.
Main support level: $ 0.5080
Main resistance level: $ 0.5400
