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Key points
- The price of the ripple failed to exceed the resistance levels of $ 0.3900 and $ 0.4000 compared to the US dollar.
- The fundamental downtrend line of yesterday is active with resistance at $ 0.3620 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair may decline again as long as it is below the resistance of $ 0.3620 and $ 0.3720.
The price of the ripple failed to gain traction above the key resistance against the US dollar and Bitcoin. The XRP / USD is likely to slide back below $ 0.3400 in the short term.
Price analysis of undulations
Yesterday we witnessed a slight upward recovery above the $ 0.3600 level in ripple compared to the US dollar. The pair XRP / USD even traded above the $ 0.3800 level, but struggled to cancel the resistance from $ 0.3850 and $ 0.3900. There was also a refusal noted near the $ 0.3850 level and the simple 100-hour moving average. In addition, the price failed to stay above the Fib retracement level of 61.8% from the last decline, from $ 0.4140 upwards to $ 0.3125 below.
As a result, there was a new decline below $ 0.3700 and the price returned to a bearish zone. During the decline, the price broke the Fib retracement level at 1.8.8% from the last wave from the low of $ 0.3133 to $ 0.3850. The price tested the $ 0.3300 level at which buyers emerged. In addition, the fiber retracement level of 76.4% of the last wave also acted as support near $ 0.3302. On the upside, an initial resistance is close to the $ 0.3600 level. More importantly, the fundamental bearish trend line of yesterday is active with resistance at $ 0.3620 on the hourly chart of the XRP / USD pair.
Looking at the chart, the price of ripple is clearly facing a lot of upside obstacles near the levels of $ 0.3600 and $ 0.3620. On the downside, a break below the $ 0.3400 level could really increase sales pressure.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bearish zone.
RSI (Relative Strength Index) Time Index – The RSI for XRP / USD is just around level 50.
Main support level: $ 0.3400
Main resistance level: $ 0.3620
