[ad_1]
Key points
- The price of the ripple has dropped recently and tested the support area by $ 0.5000 against the US dollar.
- C & # 39; is a bearish trend line in place with resistance at $ 0.5120 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently under pressure below the resistance levels of $ 0.5120 and $ 0.5200.
The price of the ripple is struggling to gain bullish momentum against the US dollar and Bitcoin. The XRP / USD could continue to consolidate below $ 0.5200 for the next sessions.
Price analysis of undulations
After testing the resistance of $ 0.5200, the ripple price declined once again against the US dollar. The XRP / USD pair reached a fluctuating peak at $ 0.5255 and traded below the $ 0.5150 level. There was also a closing below the $ 0.5100 level and a simple 100-hour moving average. The decline was such that the price fell below the $ 0.5000 support. However, the price recovered later is currently consolidating above $ 0.5000.
Initial resistance is the Fib retracement level at 23.6% of the recent slide from $ 0.5255 high to $ 0.4970 in low fluctuation. There is also a downtrend line in place with resistance at $ 0.5120 on the hourly chart of the XRP / USD pair. Around the trendline, the 50% fiber retracement level of the recent slid from the low of $ 0.5255 to $ 0.4970 is positioned at $ 0.5114. Therefore, if the pair corrects higher, it may find strong resistance near $ 0.5115 and $ 0.5120. Above the trend line, the next major obstacle for buyers is close to the $ 0.5200 level. On the downside, initial support is $ 0.4970, below which the price could revisit $ 0.4860.
Looking at the chart, the price of ripple is clearly under pressure under the resistance area of $ 0.5200. If buyers continue to fail to get traction, the price may perhaps fall towards $ 0.4860 or $ 0.4700.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is positioned in the bearish zone.
Relative Strength Index (RSI) – The RSI for XRP / USD is well below the 50 level.
Main support level: $ 0.4970
Main resistance level: $ 0.5200
