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Key points
- The price of the ripple extended the gains and traded towards the resistance area of $ 0.4000 compared to the US dollar.
- There is an uptrend line in place with support for $ 0.3450 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair was corrected more slowly recently, but remained well supported near $ 0.3400-0.3500.
The price of the ripple is well placed higher than the US dollar and Bitcoin. The XRP / USD has recently traded close to $ 0.4000 before a downward correction on the $ 0.3400 support.
Price analysis of undulations
Yesterday we discussed the chances of further gains towards $ 0.3850 or $ 0.4000 in ripple against the US dollar. The XRP / USD was traded higher and broke the resistance area by $ 0.3850. He traded near the $ 0.4000 level and formed a new weekly high for $ 0.3947. Subsequently, the price started a downward correction and traded below $ 0.3900 and $ 0.3800. There was a break below the 50% fiber retracement level of the last wave, from $ 0.3141 down to $ 0.3947 up.
However, the decline was protected from the $ 0.3440 area, which was a major resistance previously. More importantly, there is an uptrend line in place with support for $ 0.3450 on the hourly chart of the XRP / USD pair. Furthermore, the Fib retracement level of 61.8% of the last wave from the low of $ 0.3141 to $ 0.3947 acted as support. In the beginning, it seems that the price is trading well above the trend line and support of $ 0.3440.
Looking at the chart, the ripple price could resume its upward movement towards $ 0.3700 or $ 0.3800. Above $ 0.3800, it could review $ 0.4000. However, it must remain above the $ 0.3400 support. Otherwise, there is the risk of further losses to the $ 0.3180 level and the 100-hour simple moving average.
Looking at the technical indicators:
MACD time – The MACD for XRP / USD is slowly reducing its downward slope.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently flat near level 50.
Main support level: $ 0.3400
Main resistance level: $ 0.3800
