- The price of the ripple declined heavily and broke support levels of $ 0.4860 and $ 0.4400 against the US dollar.
- C & # 39; is a crucial bearish trend line formed with resistance at $ 0.4720 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is struggling to recover above the resistance levels of $ 0.400 and $ 0.4700.
The price of ripple dropped sharply below key levels compared to the US dollar and Bitcoin. XRP / USD is correcting higher, but remains on sale in rallies close to $ 0.4700.
Price analysis of undulations
The last three sessions were destructive as there was a sharp decline from the $ 0.5100 increase in ripple against the US dollar. The XRP / USD pair beat and broke the $ 0.5000, $ 0.4860, $ 0.4600 and $ 0.4400 support levels. The price was traded close to the $ 0.4000 level and stabilized below the 100-hour simple moving average. The decline found support at $ 0.400 and a low was formed at $ 0.4017.
Subsequently, the price recovered and moved above the $ 0.4500 level. There was a break above the Fib retracement level of 23.6% from the recent decline from the low of $ 0.5255 to $ 0.4017 minimum. However, the upside move was protected by the $ 0.4600 level, which was previously a support. In addition, the price fell near the 50% Fibra retracement level of the recent decline from the low of $ 0.5255 to $ 0.4017 minimum. More importantly, there is a bearish trend line formed with resistance at $ 0.4720 on the hourly chart of the XRP / USD pair. The current market sentiment is bearish and it seems that the price may fall again towards $ 0.4200 and $ 0.4100.
Looking at the chart, the ripple price is struggling to recover above $ 0.4600 and $ 0.4700. As long as the price is lower than the pivot level of $ 0.4750, it could resume it in the short term.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly recovering in the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently near level 40.
Main support level: $ 0.4200
Main resistance level: $ 0.4700