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Key points
- The ripple extended gains to $ 0.5620 before starting a downward correction against the US dollar.
- There are two bullish trend lines with support for $ 0.5320 and $ 0.5200 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently running lower, but the dives remain supported near the $ 0.5200 zone.
The price of the ripple is well placed higher than the US dollar and Bitcoin. The XRP / USD can find buyers once again close to $ 0.5200 for a new upward move.
Price analysis of undulations
After a slight downward correction, the ripple price further traded above the $ 0.5300 level against the US dollar. The XRP / USD gained pace and broke the resistance level by $ 0.5550. The upward move was strong as the price was trading at $ 0.5626 and is currently well above the 100-hour moving average. Subsequently, the price was corrected and shifted below $ 0.5600 and $ 0.5550.
The price fell below the Fib retracement level to 23.6% of the recent rise, from $ 0.4777 to $ 0.5626. However, there are many levels of downside support above $ 0.5200. More importantly, there are two uptrend lines with support for $ 0.5320 and $ 0.5200 on the hourly chart of the XRP / USD pair. The second trend line approaches the 50% Fibra retracement level of the recent rise from the low of $ 0.4777 to $ 0.5626 high. Therefore, if the price corrects further, it is likely that you will find buyers near the $ 0.5200 area.
Looking at the chart, the price of ripple is clearly placed in a bullish zone above $ 0.5200. On the upside, an initial resistance is close to $ 0.5450 and a bearish trend line on the same chart. Above the trend line, the price may perhaps exceed the $ 0.5626 level.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly returning to the bearish zone.
Relative Strength Index (RSI) – The RSI for XRP / USD is currently well above level 50.
Main support level: $ 0.5200
Main resistance level: $ 0.5450
