- The price of the ripple started a short-term correction and moved above $ 0.4400 compared to the US dollar.
- There was a break above an important bearish trend line with resistance at $ 0.4410 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently struggling to gain traction, but may soon test the resistance area of $ 0.4500.
The price of the ripple is traded below the key resistance against the US dollar and Bitcoin. The XRP / USD could correct the resistance of $ 0.400 and the 100-hour SMA.
Price analysis of undulations
Yesterday, there was a bad fall down under the support of $ 0.4400 in ripple against the US dollar. The XRP / USD pair was also traded below the $ 0.4340 support, but has since been restored. The price stabilized above the $ 0.4400 level and exceeded the 50% Fibra retracement level of the recent slide from $ 0.4601 high to $ 0.4262 lower. However, the price failed to exceed the resistance of $ 0.4470.
There was also a refusal close to the Fib retracement level 61.8% of the recent slide from $ 0.4601 high to $ 0.4262 low. The price returned to $ 0.4360 and was subsequently recovered. Recently, there was a break above an important bearish trend line with resistance at $ 0.4410 on the hourly chart of the XRP / USD pair. Therefore, there is a possibility that the price may correct higher once again towards $ 0.4500. However, it is likely that the price is facing strong resistance near $ 0.4470, $ 0.45 and the simple moving average over 100 hours. Only a close above $ 0.4500 and the 100-hour SMA could push the price into a positive zone.
Looking at the chart, the price of ripple is still falling, with immediate support at $ 0.4400. The main supports are $ 0.4360 and $ 0.4340, below which the price could fall to $ 0.4262 minimum.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
RNA timetable (relative strength index) – The RSI for XRP / USD is neutral around level 50.
Main support level: $ 0.4340
Main resistance level – $ 0.4500