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Key points
- The price of the ripple is positioned above the support levels of $ 0.3700 and $ 0.3615 compared to the US dollar.
- Yesterday's crucial ascending channel is intact with support for $ 0.3620 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains supported on declines and may continue to rise towards $ 0.4000 and $ 0.400.
The price of the ripple is positioned well for further gains compared to the US dollar and Bitcoin. The XRP / USD should accelerate gains to the $ 0,4200 level in the short term.
Price analysis of undulations
Yesterday we witnessed a nice upward move over the $ 0.3900 resistance of the ripple against the US dollar. The pair XRP / USD even exceeded the resistance of $ 0.4000 and traded at $ 0.4014. Subsequently, there was a downward correction and the price was trading below $ 0.3900 and $ 0.3850 levels. However, the price remained well supported above the $ 0.3600 support and the simple 100-hour moving average.
A minimum was formed at $ 0.3669 and thereafter the price started trading in a range. He moved slowly higher and exceeded the $ 0.3700 level. There was a break above the 23.6% Fibra retracement level of the recent decline from $ 0.4014 upwards to $ 0.3669 below. In addition, the price broke a bearish downtrend line with resistance at $ 0.3750 on the hourly chart of the XRP / USD pair. It appears that the pair could continue to move higher towards $ 0.4000 or $ 0.400. An immediate resistance is close to the $ 0.3880 level. Represents the 61.8% retracement level of Fibra's recent decline from $ 0.4014 upwards to $ 0.3669 below.
Looking at the chart, the price of ripple continues to follow yesterday's crucial upward channel with support for $ 0.3620. Until there is a closing below $ 0.3600, the price may continue to worsen.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is back above level 50.
Main support level: $ 0.3620
Main resistance level – $ 0.4000
