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Key points
- The price of ripple failed to maintain support levels of $ 0.5520 and $ 0.5500 and fell sharply against the US dollar.
- There was a break below an important uptrend with support for $ 0.5420 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair tested the support from $ 0.5000 to 0.5020 and is currently consolidating losses.
The price of the ripple is under downward pressure against the US dollar and Bitcoin. XRP / USD may correct higher, but the previous support at $ 0.5500 could now prevent gains.
Price analysis of undulations
Yesterday we discussed a couple of important supports near the $ 0.5520 level for Ripple's price against the US dollar. The XRP / USD pair recently faced increased selling pressure and broke the $ 0.5520 support. The decline was such that the price even broke the $ 0.5500 support and the 100-hour simple moving average. Sellers have even managed to cancel the last main swing at $ 0.5320.
More importantly, there was a break below an important uptrend with support for $ 0.5420 on the hourly chart of the XRP / USD pair. The pair exceeded the $ 0.5200 level and traded close to the $ 0.5000 support. Low was formed at $ 0.5022 and the price is currently consolidating losses. An initial resistance is the fiber retracement level of 23.6% of the recent fall from the low of $ 0.6190 to $ 0.5022 below. However, it seems that the price can correct towards the $ 0.5500 level, which will probably act as a resistance. In addition, the 50% retracement level of the recently declining fibers from the low of $ 0.6190 to $ 0.5022 is $ 0.5600.
Looking at the chart, the ripple price remains on sale in rallies near the $ 0.5500 and $ 0.5600 levels. On the downside, if the price breaks the $ 0.5000 support, there could be more losses at $ 0.4800.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is now positioned in the bearish zone.
RSI (Relative Strength Index) Time Index – The RSI for XRP / USD is well below level 40.
Main support level: $ 0.5000
Main resistance level: $ 0.5300
