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- The price of the ripple was traded at a new weekly high at $ 0.3384 and subsequently corrected downwards against the US dollar.
- There was a break below a bullish trend line with support for $ 0.3250 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair must trade above $ 0.3260 and the simple 100-hour moving average to get traction.
The price of the ripple is showing some bearish signals against the US dollar and Bitcoin. XRP / USD must remain above $ 0.3170 to rebound over $ 0.3260 and $ 0.3300 in the short term.
Price analysis of undulations
Yesterday we saw a moderate upward recovery above the resistance of $ 0.3250 in ripple compared to the US dollar. The XRP / USD was traded above the resistance area of $ 0.3300. A new weekly maximum was formed at $ 0.3384 and thereafter the price was corrected lower. It has fallen below the $ 0.3300 support and the 100-hour simple moving average. The sellers also pushed the price below the 50% Fibra retracement level of the recent wave from the low of $ 0.3109 to $ 0.3384.
During the decline, there was a break below a bullish trend line with support for $ 0.3250 on the hourly chart of the XRP / USD pair. The pair now trades well below $ 0.3260 and the Fib retracement level of 61.8% from the recent wave from $ 0.3109 down to $ 0.3384 at the top. He tested the $ 0.3200 support and corrected some points recently. However, there is a strong resistance formed near $ 0.3250, $ 0.3260 and the SMA at 100 hours. Moreover, the broken trend line can also stop gains close to $ 0.3270. Finally, there is a short-term link linking the downtrend line with resistance at $ 0.3265 on the same chart.
Looking at the chart, the ripple price seems to be trading near a key turning point above $ 0.3200. It could break resistance levels of $ 0.3260 and $ 0.3270 or fall below $ 0.3200. On the upside, a break above $ 0.3270 could push the price towards $ 0.3350 and $ 0.3380.
Technical indicators
MACD time – The MACD for XRP / USD may attempt to move into the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently just around level 50.
Main support level: $ 0.3200
Main resistance level: $ 0.3270
