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Key points
- The price of the ripple gained bullish momentum and broke the resistance area of $ 0.4500 against the US dollar.
- C & # 39; is an ascending channel formed with support at $ 0.4540 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains well supported on the negative side near the levels of $ 0.4540 and $ 0.4500.
The price of the ripple rebounded well against the US dollar and bitcoin. The XRP / USD has moved into a bullish zone and could break the resistance zone by $ 0.4620.
Price analysis of undulations
Yesterday we saw a fairly good upward move above the $ 0.4400 level in ripple against the US dollar. The XRP / USD was traded towards the $ 0.4580 level and subsequently began to consolidate the gains. The price fell by a few points and tested the support of $ 0.4480 and the simple 100-hour moving average. Buyers appeared and protected more losses below the 50% Fiber retracement level of the uptrend, from $ 0.4240 minimum to $ 0.4570.
As a result, there was a new upward move and the price was trading above the resistance levels of $ 0.4580 and $ 0.4600. He tested the resistance zone $ 0.4620-30, which prevented further gains. At the moment, the price is lowering towards the support of $ 0.4540. Initial support is close to the 23.6% retracement level of the recent wave, from $ 0.4330 down to $ 0.4630 in the swing. In addition, there is an upside-down channel with support of $ 0.4540 on the hourly chart of the XRP / USD pair. Therefore, any significant downward shift from current levels is likely to find solid support near the levels of $ 0.4540 and $ 0.4500.
Looking at the chart, the ripple price is currently placed above the $ 0.4500 level and the simple 100-hour moving average. On the upside, a break above the resistance of $ 0.4620 could open the door to further gains of $ 0.4800.
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 correcting from level 70.
Main support level: $ 0.45
Main resistance level: $ 0.4620
