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Key points
- The price of ripple rose further and exceeded the resistance level of $ 0.3600 against the US dollar.
- There was an interruption over an uphill channel with resistance at $ 0.3520 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains supported above $ 0.3500 and $ 0.3400, with a bullish angle.
The price of the ripple was traded further above the key resistance against the US dollar and Bitcoin. The XRP / USD should accelerate gains to the $ 0.4000 level.
Price analysis of undulations
Yesterday we saw a bullish wave above $ 0.3200 in ripple compared to the US dollar, and we were hoping for a test of $ 0.3600. The XRP / USD gained momentum above the resistance of $ 0.3400 and even broke $ 0.3600. The price is now trading well above the $ 0.3400 level and the 100-hour simple moving average. The recent high amounted to $ 0.3678 and the price remains in a solid uptrend.
Furthermore, there was a break on an uphill channel with resistance at $ 0.3520 on the hourly chart of the XRP / USD pair. The same channel resistance can now act as a support for $ 0.3520. It coincides with the 23.6% retracement level of the recent wave, from $ 0.3208 down to $ 0.3678 up. If there is a downward extension below $ 0.3520, the price can revisit the support area of $ 0.3400-0.3420. In addition, the 50% retracement level of recent wave fiber from the low of $ 0.3208 to $ 0.3678 is close to $ 0.3440. Therefore, if the price corrects lower, it is likely that you will find a strong support above $ 0.3400.
Looking at the chart, the ripple price is well positioned in an upward trend above $ 0.3400 and the 100-hour SMA. On the upside, the price is likely to break the maximum of $ 0.3678. The next stop for buyers could be $ 0.3850 or $ 0.4000.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is positioned well in the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently in the oversold region.
Main support level: $ 0.3440
Main resistance level: $ 0.3850
