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Key points
- The price of the swings dropped sharply, but the $ 0.4340 support provided solid support against the US dollar.
- C & # 39; is a link bearish trend line formed with resistance at $ 0.4485 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could find sellers near the levels of $ 0.4485 and $ 0.4500, but the dip remain supported.
The price of the ripple has recently decreased against the US dollar and bitcoin. However, XRP / USD found a strong buying interest near $ 0.4340 and recovered well.
Price analysis of undulations
There was still another refusal noted near the $ 0.400 level in ripple compared to the US dollar. As a result, there was a strong downtrend in the XRP / USD pair below the $ 0.4500 support. The price has exceeded an important uptrend line with support for $ 0.4550 on the hourly chart. Also, there was an interruption below the $ 0.4480 level and the simple 100-hour moving average.
The decline was such that there was a peak below the support area of $ 0.4340. However, the price recovered sharply and moved above $ 0.4340 and $ 0.4400. The current price action is positive above the 50% fiber retracement level of the last decline, from $ 0.4603 to $ 0.4263 minimum. On the upside, the price may meet sellers close to the $ 0.4500 level. It is also a bearish trend line that links to the resistance at $ 0.4485 on the hourly chart of the XRP / USD pair. Furthermore, the 61.8% retracement level of Fib of the last decline from the low of $ 0.4603 to $ 0.4263 is $ 0.4473. Therefore, the price could find a strong selling interest close to $ 0.4480 and $ 0.4500.
Looking at the chart, the price of ripple is showing positive signs above $ 0.4400. If you refuse again, the $ 0.4340 support is likely to contain losses in the short term. For the higher side, an interruption above $ 0.4500 is needed for upward acceleration to $ 0.400.
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 back above level 50.
Main support level: $ 0.4340
Main resistance level – $ 0.4500
