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Key points
- The price of the ripple reached a high level close to the level of $ 0.4000 and subsequently fell against the US dollar.
- There was a break below an important link uptrend line with support at $ 0.3610 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently under pressure and could decline towards the support of $ 0.3380 or 0.3300.
The price of the ripple started a downward correction against the US dollar and Bitcoin. The XRP / USD may continue to correct downwards towards the $ 0.3300 short-term support.
Price analysis of undulations
After reaching a level close to the $ 0.4000 level, the price of the ripple started a downward move against the US dollar. The XRP / USD pair traded below the support levels $ 0.3800 and $ 0.3750 to enter a short-term bearish zone. Later, the pair even broke the support of $ 0.3650 and the simple 100-hour moving average. The decline was such that the price broke the Fib retracement level of 61.8% of the last wave from the low of $ 0.3304 to that of $ 0.40005.
More importantly, there was a break below an important link uptrend line with support for $ 0.3610 on the hourly chart of the XRP / USD pair. The pair is currently trading at a bearish angle of less than $ 0.3650 and the SMA at 100 hours. Immediate support is close to $ 0.3460 and the Fib retracement level 76.4% of the last wave from $ 0.3304 low to $ 0.40005 high. Below $ 0.3460, the price is likely to test the $ 0.3380 support area. Finally, the main support is close to the last low swing at $ 0.3300.
Looking at the chart, the price of ripple is facing solid resistance near the $ 0.3650 level and 100-hour SMA. Therefore, to move to a positive zone, a close above $ 0.3650 and $ 0.3700 is required.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is now heavily positioned in the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the level 40.
Main support level: $ 0.3380
Main resistance level: $ 0.3700
