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Key points
- The price of the ripple has declined recently and has broken the support zone from $ 0.5200 against the US dollar.
- C & # 39; is a bearish trend line in place with resistance at $ 0.5200 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair may have difficulty returning above the $ 0.5200 resistance and the simple 100-hour moving average.
The price of the ripple failed to maintain gains against the US dollar and Bitcoin. The XRP / USD could slide further towards the short term $ 0.4790 support level.
Price analysis of undulations
During the last three sessions, there was a continuous slide from the swing price of $ 0.5450 in ripple compared to the US dollar. The XRP / USD pair broke the $ 0.5205 support area and turned into a bearish zone. Also, there was a closing below the $ 0.5200 level and the simple 100-hour moving average. Furthermore, there was a break below 50% of the Fibra retracement level of the last leg, from $ 0.4465 down to $ 0.5625 in the swing.
However, the decline was protected by the $ 0.4900-0.5000 zone. The buyers also protected the Fib retracement level of 61.8% at the last leg, from $ 0.4465 down to $ 0.5625 in the swing. The price rebounded and passed the $ 0.5000 level and the 100-hour SMA. At the moment, sellers have protected the $ 0.5100 level and the 100-hour SMA. Furthermore, there is a bearish trend line in place with resistance at $ 0.5200 on the hourly chart of the XRP / USD pair. If buyers push the price above the trendline and the $ 0.5205 level, there may be a new bullish wave.
Looking at the chart, the price of ripple could attempt a break above the resistance of $ 0.5200. On the other hand, if there is a break below $ 0.5000, the price could slide towards the $ 0.4790 support in the near term.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is back in the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is back above level 50.
Main support level: $ 0.5000
Main resistance level: $ 0.5200
