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Key points
- The price of the ripple failed to exceed $ 0.3800- $ 0.3850 and was subsequently corrected downwards against the US dollar.
- There is a downtrend line formed with resistance at $ 0.3700 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could decline towards the $ 0.3500 or $ 0.3460 support before returning above $ 0.3800.
The price of the ripple is struggling to gain bullish momentum against the US dollar and Bitcoin. The XRP / USD remains well supported on the negative side close to $ 0.3460.
Price analysis of undulations
After forming solid support close to $ 0.3280, the price of the ripple started an upward move against the US dollar. The XRP / USD broke resistance levels of $ 0.3460, $ 0.3500 and $ 0.3700. There was also a break above the $ 0.3800 level and a simple 100-hour moving average. However, the pair struggled to gain momentum above the $ 0.3800 level, peaked at $ 0.3836 and subsequently started a downward correction.
It broke the support of $ 0.3700 and the 100-hour SMA. There was a break below the fiber retracement level of 23.6% of the last wave, from $ 0.3284 down to $ 0.3836 up. However, the $ 0.3500 support is currently a solid support. Represents the 50% fiber retracement level of the last wave from $ 0.3284 down to $ 0.3836 up. If there is a bearish break, the price can find offers near the $ 0.3460 support. The main support is near the $ 0.3280-0.3300 zone. On the upside, there is a downtrend line formed with resistance at $ 0.3700 on the hourly chart of the XRP / USD pair.
Looking at the chart, the ripple price seems to have prepared for further losses under the $ 0.3500 support. However, losses could be limited and the price could recover from $ 0.3460 or $ 0.3300. On the upside, a break above $ 0.3700 and $ 0.3800 is required for a $ 0.4000 run.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slightly in the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is now below level 50.
Main support level: $ 0.3460
Main resistance level: $ 0.3800
