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Price analysis of undulations: support for the upward trend of XRP tests, rebound forward?

Key points

  • The price of the riot has gathered above the resistance levels of $ 0.4250 and $ 0.4400 recently against the US dollar.
  • C & # 39; is a fundamental uptrend line formed with support at $ 0.3750 on the hourly chart of the XRP / USD pair (data source from Kraken).
  • The pair must stay above the $ 0.3750 support and the simple 100-hour moving average to recover.

The price of ripple made a nice upward move against the US dollar and Bitcoin. XRP / USD may rebound if it stays above the support of $ 0.3750 or $ 0.3600.

Price analysis of undulations

Recently, there was a strong upward push above the resistance of $ 0.3800 in ripple compared to the US dollar. The XRP / USD gained momentum above $ 0.3905 and $ 0.4000 to enter a bullish zone. Later, resistance levels of $ 0.4250 and $ 0.4400 were gathered. A new weekly maximum was formed at $ 0.4522 and thereafter the price was corrected more sharply. It broke support levels $ 0.4270 and $ 0.4050.

The price also eliminated the Fibra 50% retracement level of the recent wave from $ 0.3454 down to $ 0.4522 up. The decline was such that the price even zeroed the support of $ 0.3820-0.3800. Buyers are currently protecting $ 0.3750 support and a 100-hour simple moving average. In addition, there is a key uptrend line formed with support for $ 0.3750 on the hourly chart of the XRP / USD pair. If there is a bearish break below the support of $ 0.3750, there could be more decreases towards $ 0.3454. Intermediate support is the Fib retracement level 76.4% of the recent wave from $ 0.3454 low to $ 0.4522 high.

XRP chart of ripple price analysis

Looking at the chart, the price of ripple is clearly traded near a crucial support at $ 0.3750 and a simple 100-hour moving average. Therefore, there is a possibility of a new rise towards $ 0.4000 in the short term.

Looking at the technical indicators:

MACD schedule – The MACD for XRP / USD is back in the bearish zone.

Now RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the 50 level.

Main support level: $ 0.3750

Main resistance level – $ 0.4000

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