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Key points
- The price of the ripple was further exchanged and broke the resistance area of $ 0.400 against the US dollar.
- There was an interruption over a declining channel with resistance at $ 0.4535 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair has traded up to $ 0.4755 and is currently correcting lower.
The price of ripple is gaining bullish momentum against the US dollar and Bitcoin. XRP / USD remains well supported on declines near the $ 0.4540 level.
Price analysis of undulations
Recently, there was a decent support base formed near the $ 0.4470 level in ripple compared to the US dollar. The XRP / USD pair started an upward move and broke the resistance by $ 0.4500. The price has moved into a bullish zone and has stabilized above the resistance of $ 0.4540. There was also a close above the $ 0.4550 level and a simple 100-hour moving average.
More importantly, there was a break on a declining channel with resistance at $ 0.4535 on the hourly chart of the XRP / USD pair. Buyers gained momentum, resulting in a solid run above the resistance of $ 0.400. The price even exceeded the $ 0.4750 level and reached $ 0.4755. Subsequently, there was a downward correction and the price was trading below the $ 0.4650 level. There was a break below the 50% retracement level of recent wave fiber, from $ 0.4469 down to $ 0.4755 at the top. However, there are plenty of decent supports on the negative side near the $ 0.4540 level and the simple 100-hour moving average.
Looking at the chart, the price of ripple could test the support zone $ 0.4540-50. In addition, the Fib retracement level of 61.8% of the recent wave, from $ 0.4469 low to $ 0.4755 is immediate support at $ 0.4578. Therefore, if the price falls from current levels, it could find support near $ 0.4560 or $ 0.4550.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is back in the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is currently above level 50.
Main support level: $ 0.4550
Main resistance level: $ 0.4700
