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- The price of the ripple gained traction and moved above the resistance of $ 0.3550 against the US dollar.
- There was a break above a key bearish trend line with resistance at $ 0.3550 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains well supported on dips near $ 0.3600 and may continue to move higher.
The price of ripple formed a decent support and resumed against the US dollar and bitcoin. The XRP / USD could reduce some points before moving to $ 0.3800.
Price analysis of undulations
Recently, there was a downward correction below $ 0.3750 in ripple compared to the US dollar. The pair XRP / USD traded towards the $ 0.3460 support, which acted as a buying zone on many occasions. The price found a strong buying interest near $ 0.3460 and recovered later. It has exceeded the resistance levels of $ 0.3500 and $ 0.3550. There was also a close above $ 0.3600 level and a simple 100-hour moving average.
Also, there was a break above a key bearish trend line with resistance at $ 0.3550 on the hourly chart of the XRP / USD pair. He traded near the $ 0.3700 level and reached a maximum of $ 0.3689. Subsequently, he began a downward correction and traded below the $ 0.3660 level. There was a break below the fiber retracement level of 23.6% in the recent wave, from $ 0.3471 down to $ 0.3689 up. On the downside, there are many media near the levels of $ 0.3600 and $ 0.3580. In addition, the 50% retracement level of recent wave fiber from the low of $ 0.3471 to $ 0.3689 is placed near the $ 0.3580 level. Finally, the 100-hour SMA is close to $ 0.3570 to serve as strong support.
Looking at the chart, the price of ripple remains well supported above the $ 0.3550 level and the 100-hour SMA. On the upside, the price must break resistance levels of $ 0.3680 and $ 0.3700. The next main resistance is $ 0.3800 followed by $ 0.3820.
Technical indicators
MACD timetable – The MACD for XRP / USD is slowly reducing its bullish inclination, signaling the slow pace of the buyer's strength.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is still well below the 60 level, which is a positive sign.
Main support level: $ 0.3550
Main resistance level: $ 0.3700
