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Key points
- The price of ripple maintains support levels from $ 0.5500 and $ 0.5520 against the US dollar.
- There is a major breakout model formed with resistance at $ 0.5820 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair must hold support levels of $ 0.5500 and $ 0.5520 to rise higher in the short term.
The price of the ripple is positioned for further gains compared to the US dollar and Bitcoin. The XRP / USD may continue to rise slowly towards the resistance from $ 0.5800 and $ 0.5900.
Price analysis of undulations
There was a slight downward correction from the $ 0.8188 price swing of Ripple compared to the US dollar. The XRP / USD pair decreased below the $ 0.5500 support level, but quickly rebounded. The recovery was strong as the price exceeded the $ 0.5500 level. The buyers even managed to push the price above the 50% retracement level of the recent decline, from $ 0.6188 to $ 0.5320 low.
More importantly, there was a close above the $ 0.5600 level and a 100-hour simple moving average. The upside move found resistance near the $ 0.5950 level. It seems that the price failed to cancel the 61.8% fiber retracement level of the recent decline from the low of $ 0.6188 to $ 0.5320 low. At the moment, there is a major breakout model with resistance at $ 0.5820 on the hourly chart of the XRP / USD pair. In the short term, there may be a slight downward shift to support levels of $ 0.5520 and $ 0.5500.
Looking at the chart, the price of ripple remains well supported around the $ 0.5500 level. Once buyers are able to overcome resistance from $ 0.5800 and $ 0.5900, there may be a new weekly high above $ 0.6200. On the other hand, a daily close below $ 0.5500 could trigger more losses towards the $ 0.5000 level.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving into the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently in the possession of level 50.
Main support level: $ 0.5500
Main resistance level: $ 0.5820
