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Key points
- The price of ripple is currently consolidating gains under the key resistance from $ 0.3900 to 0.4000 against the US dollar.
- There is a key breakout model with resistance close to $ 0.3840 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains well supported on dips near the levels of $ 0.3600 and $ 0.3410.
The price ripple is probably in preparation for the next bullish rupture against the US dollar and Bitcoin. XRP / USD could rise to $ 0.4500 once there is a close above $ 0.4000.
Price analysis of undulations
Yesterday we saw a strong push towards the top and a new weekly high for $ 0.3947 in ripple compared to the US dollar. Subsequently, the XRP / USD pair started a downward correction and traded below the $ 0.3600 support. However, the area of $ 0.3400-0.3410 had strong support. Furthermore, the 61.8% fiber retracement level of the move up from the low of $ 0.3140 to $ 0.3947 provided support.
The price rebounded and closed closing the minimum of $ 0.3947. However, buyers failed to push the price above the key resistance area $ 0.3900-0.4000. A maximum has been formed at $ 0.3892 and the price has declined again. XRP decline and negotiated below the $ 0.3650 level. However, the Fib retracement level of 61.8% of the last wave from the low of $ 0.3409 to $ 0.3892 acted as support. In the beginning, there is a key breakout model with resistance close to $ 0.3840 on the hourly chart of the XRP / USD pair. Therefore, the pair is likely to prepare for the next move above $ 0.3900 or $ 0.3400.
Looking at the chart, the price of ripple is clearly well supported above $ 0.3600, $ 0.3400 and 100 hours of simple moving average. Therefore, there is a high probability of an upward break above the resistance of $ 0.3900. Finally, if there is a successful break above $ 0.4000, the price could rise to $ 0.4500.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is about to enter the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is moving lower towards level 50.
Main support level: $ 0.3600
Main resistance level: $ 0.3900
