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Main highlights
- The price of the oscillations decreased further and exceeded the level of $ 0.3300 before starting a recovery against the US dollar
- C & # 39; it was a break above a short-term bearish trend line with resistance to $ 0.3350 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could perhaps further correct towards the levels of $ 0.3600 and $ 0.3650 in the short term.
The price of ripple is slowly recovering after heavy falls against the US dollar and Bitcoin. The XRP / USD could further correct towards the resistance of $ 0.3650.
Resistance to the price of undulations
There were further losses recorded in the price of Ripple below the support level of $ 0.3500 compared to the US dollar. The pair XRP / USD even broke the support of $ 0.3300 and traded at $ 0.3200. Later, buyers appeared and prevented further losses of less than $ 0.3200. A short-term correction wave has been initiated and the price has moved above the $ 0.3300 level.
More importantly, there was a break above a short-term bearish trend line with resistance at $ 0.3350 on the hourly chart of the XRP / USD pair. The pair also moved above the 23.6% retracement level of the recent decline from the low of $ 0.4133 to $ 0.3200 low. It seems there could be more recoveries above the $ 0.3500 level in the short term. However, there is a great resistance, waiting near the $ 0.3650 level. It coincides with the 50% Fibra retracement level of the recent decline from the low of $ 0.4133 to $ 0.3200 low. Furthermore, there is a bearish trend line positioned near the $ 0.3700 level.
Looking at the chart, the ripple price is slowly recovering above the $ 0.3500 level. However, the price is likely to suffer a strong selling interest above the $ 0.3600 level. On the downside, the levels of $ 0.3300 and $ 0.3200 are decent supports for short-term recoveries
Looking at the technical indicators:
MACD timetable – MACD for XRP / L & # 39; USD is moving well in the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is recovering well and is placed above 50.
Main Support Level – $ 0.3300
Main resistance level – $ 0.3650
