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Key points
- The price of ripple rose higher recently and broke the resistance from $ 0.4700 and $ 0.5000 against the US dollar.
- This is a short-term uptrend line that is formed with support for $ 0.5000 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently positioned well in a bullish zone and could accelerate above $ 0.5140.
The price of the ripple has recently reorganized against the US dollar and Bitcoin. XRP / USD is currently correcting, but the dives remain well supported near $ 0.5000 and $ 0.4950.
Price analysis of undulations
Yesterday we discussed the fact that the rebates remain supported near $ 0.4560 in ripple against the US dollar. The pair XRP / USD formed a solid support close to $ 0.4500 and then started an important upward move. The resistance of $ 0.4560 and the simple moving average of 100 hours were gathered. Also, there was a break above the downward channel discussed yesterday with resistance at $ 0.4535 on the hourly chart of the XRP / USD pair.
The pair rose above the resistance levels of $ 0.4700 and $ 0.5000 and moved into a bullish zone. A new weekly maximum was formed at $ 0.5140 before the price began to consolidate gains. It recently fell below the 23.6% fiber retracement level of the last wave, from $ 0.4780 down to $ 0.5140 up. However, there is a decent support formed near the levels of $ 0.5000 and $ 0.4950. There is also a short-term trend line linking short-term formed with $ 0.5000 support on the same chart. In addition, the 50% fiber retracement level of the last wave from the low of $ 0.4780 to $ 0.5140 is $ 0.4960 to avoid losses.
Looking at the chart, the ripple price is trading well in an upward trend above the $ 0.4950 level. The price is likely to continue to rise and buyers may try to push the price above $ 0.5200 in the short term.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is positioned well in the bullish zone.
RSI (Relative Strength Index) Time Index – The RSI for XRP / USD is currently close to overbought levels.
Main support level: $ 0.5000
Main resistance level: $ 0.5140
