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Key points
- The price of the ripple has recovered well and has moved above the resistance from $ 0.4500 and $ 0.400 against the US dollar.
- The key bearish trend line highlighted yesterday with resistance at $ 0.4660 was violated on the hourly chart of the XRP / USD pair (data source from Kraken).
- Most likely the pair will have to face a strong selling interest close to the resistance of $ 0.4860 and $ 0.4900.
The price of the ripple managed to correct higher than the US dollar and Bitcoin. However, the XRP / USD is likely to touch $ 0.4900 and the 100-hour SMA.
Price analysis of undulations
Yesterday we witnessed a sharp decline in the price of undulation below the support of $ 0.5000 compared to the US dollar. The XRP / USD pair broke support for $ 0.4600, $ 0.4500 and even $ 0.4200. It traded towards the $ 0.4000 level and stood at a low of $ 0.4020. Subsequently, the price started a moderate upward recovery and moved above $ 0.4500. The buyers managed to push the price above the Fib retracement level to 23.6% of the last slide from the low of $ 0.5208 to $ 0.4020 at the bottom.
More importantly, the key bearish trend line highlighted yesterday with resistance at $ 0.4660 was violated on the hourly chart of the XRP / USD pair. The pair is currently trading near the resistance of $ 0.4800. In addition, the 61.8% retracement level of Fibers from the last slide from the low of $ 0.5208 to $ 0.4020 low acts as a resistance. Above $ 0.4800, the main resistance is close to the levels of $ 0.4860 and $ 0.4900. The 100-hour moving average is also close to the $ 0.4920 level to act as strong resistance. Therefore, it will not be easy for buyers to clear the levels of $ 0.4860, $ 0.4900 and $ 0.4920.
Looking at the chart, the ripple may perhaps consolidate in the short term above $ 0.4700. Finally, there may be an attempt to cancel the resistance of $ 0.4900. On the downside, key support is $ 0.400 followed by $ 0.4200.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is back in the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is now above level 50.
Main support level: $ 0.45
Main resistance level – $ 0.4900
