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Key points
- The price of the ripple was traded higher recently over the resistance of $ 0.3060 compared to the US dollar.
- This week's significant downtrend was outdated with a resistance of $ 0.2980 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to rise higher than the resistance from $ 0.3090 and $ 0.3100 in the short term.
The price of the ripple is showing some positive signs against the US dollar and bitcoin. The XRP / USD may fall slightly before a rise to levels of $ 0.3100 and $ 0.3150.
Price analysis of undulations
After forming support near the $ 0.2920 level, the ripple price was trading higher than the US dollar. The XRP / USD pair broke resistance levels $ 0.2980 and $ 0.3000 to move to a positive zone. There was even a break above the 50% fiber retracement level of the last slide, from $ 0.3180 up to $ 0.2916 down. Furthermore, there was a break above the resistance of $ 0.3060 and the simple 100-hour moving average.
Furthermore, the important bearish trend this week was topped with a resistance of $ 0.2980 on the hourly chart of the XRP / USD pair. He eliminated the path for further gains and the price was trading close to the $ 0.3100 level. A maximum of $ 0.3090 was formed and later the price withdrew lower. It has recently traded below the 50% retracement level of the recent wave, from $ 0.2916 down to $ 0.3090 up. On the downside, there are many supports near the $ 0.2980 and $ 0.2940 levels. Therefore, if the price falls from current levels, you may find offers above $ 0.2920.
Looking at the chart, the price ripple is likely to resume its upward move above $ 0.3060 provided it is above $ 0.2920. The main levels of bullish resistance are $ 0.3090 and $ 0.3100, followed by the $ 0.3150 area.
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 has just moved below the 50 level.
Main support level: $ 0.2920
Main resistance level – $ 0.3090
