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Key points
- The price of ripple has extended the slides recently, but has found support close to $ 0.4860 compared to the US dollar.
- There was an interruption above a key bearish trend line with resistance at $ 0.5050 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently trading above $ 0.5000 and could recover over $ 0.5200 in the short term.
The price of the ripple is slowly recovering from the US dollar and bitcoin. XRP / USD is positioned well for higher versus $ 0.5200 or $ 0.5280 levels.
Price analysis of undulations
This was an important downward correction from $ 0.5600 fluctuating in ripple compared to the US dollar. The XRP / USD fell below support levels of $ 0.5400 and $ 0.5200. There was also a close under $ 0.5180 support and a 100-hour simple moving average. Subsequently, the price fell below the $ 0.5000 support and tested the $ 0.4860 support level.
The price began to consolidate losses and subsequently managed to recover over $ 0.4950 and $ 0.5000. There was also a break above a key bearish trend line with resistance at $ 0.5050 on the hourly chart of the XRP / USD pair. The pair tested the fiber retracement level of 23.6% from the last decline, from $ 0.5615 upwards to $ 0.4863 below. However, the upward move is aimed at sellers near the $ 0.5050 level and 100-hour SMA. If there is a bullish break above $ 0.5050, the price may rise towards the resistance of $ 0.5200. The next hurdle is the 50% fiber retracement level of the last decline from $ 0.5615 high to $ 0.4863 low to $ 0.5239.
Looking at the chart, the price of ripple is currently showing positive signs above the support levels of $ 0.5000 and $ 0.4860. Therefore, it could rise above $ 0.5100 and $ 0.5180 in the short term. If buyers fail, the price could slip to $ 0.4750.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is currently above level 50.
Main support level: $ 0.4860
Main resistance level: $ 0.5200
