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Key points
- The price of the ripple is currently consolidating under the resistance from $ 0.4500 and $ 0.4600 against the US dollar.
- There is a key contraction triangle formed with resistance at $ 0.4460 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is getting ready for the next break above $ 0.4500 or below $ 0.4280.
The price of the ripple is traded in a narrow range compared to the US dollar and Bitcoin. XRP / USD may soon make the next move above $ 0.4500 or $ 0.400.
Price analysis of undulations
Yesterday we discussed that the price ripple could correct higher than $ 0.4200 and $ 0.4300 compared to the US dollar. The XRP / USD pair recovered higher after trading at $ 0.4011. It moved above the resistance of $ 0.4180 and traded with a positive bias. During the upside, it broke the fiber retracement level of 23.6% from the recent decline from the low of $ 0.5180 to $ 0.4011 low.
However, the price suffered strong resistance near the $ 0.4500 area, which was previously a support. There have been a couple of attempts to trade above $ 0.4500 and $ 0.4520, but buyers have failed. Subsequently, the price began to consolidate and is currently trading above the $ 0.4260-80 support. There is also a key contraction triangle formed with resistance at $ 0.4460 on the hourly chart of the XRP / USD pair. A break above the triangle could push the price towards $ 0.4680 and the simple 100-hour moving average. An intermediate resistance is the 50% fiber retracement level of the recent decline from $ 0.5180 high to $ 0.4011 lower to $ 0.4590.
Looking at the chart, the price of ripple seems to have prepared for the next break above $ 0.4500 or below $ 0.4280. If there is a bearish break, the price could trade below support levels of $ 0.4250 and $ 0.4120. The main support is $ 0.4000 and the key resistance is $ 0.4500.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving into the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is close to level 50.
Main support level: $ 0.4280
Main resistance level – $ 0.4500
