Price analysis of corrugations: XRP holds important support, can it recover it?

  • The price of the ripple was traded more recently and tested the support of $ 0.3580 against the US dollar.
  • C & # 39; is a bullish trend line with support for $ 0.3530 on the hourly chart of the XRP / USD pair (data source from Kraken).
  • The pair could recover over $ 0.3650 provided it exceeds the $ 0.3530 and $ 0.3580 supports.

The price of the ripple was recently corrected lower than the US dollar and Bitcoin. XRP / USD must remain above $ 0.3530 to start a new upward move in the short term.

Price analysis of undulations

After reaching a level close to the $ 0.3760 level, the price of the ripple began a downward correction against the US dollar. The XRP / USD pair traded below support levels of $ 0.3700 and $ 0.3650. The decline was such that the price was trading below the support of $ 0.3620. Subsequently, the sellers pushed the price below the 50% Fibra retracement level of the last leg, from $ 0.3470 down to $ 0.3761 up.

However, the price is now trading close to the important support of $ 0.3580. The 100-hour moving average is also close to the $ 0.3580 level. Furthermore, the 61.8% Fibra retracement level of the last stage from the minimum of $ 0.3470 to $ 0.3761 is $ 0.3581. Therefore, the $ 0.3580 support has a lot of significance for shoppers in the short term. If there is a break below $ 0.3580, the price may fall towards the support of $ 0.3530. It is also a bullish trend line with support for $ 0.3530 on the hourly chart of the XRP / USD pair. Support for the $ 0.3530 trend line is close to the Fib retracement level of 76.4% at the last leg. On the upside, initial resistance is close to $ 0.3620 and a bearish trend line on the same chart.

XRP chart of ripple price analysis

Looking at the chart, the price of ripple is clearly traded near a major support at $ 0.3580. As long as you exchange above the $ 0.3580 and $ 0.3530 media, there are chances of recovery.

Technical indicators

MACD timetable – The MACD for XRP / USD is now heavily positioned in the bearish zone, signaling further losses.

Now RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the 50 level, which is a negative sign.

Main support level: $ 0.3580

Main resistance level: $ 0.3620

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