[ad_1]
Key points
- The price of the ripple failed to exceed the resistance levels of $ 0.5450 and $ 0.5550 compared to the US dollar.
- The key bearish trend line highlighted yesterday is intact with resistance at $ 0.5465 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could continue to face many obstacles near the resistance levels of $ 0.5450 and $ 0.5500.
The price of ripple is struggling to keep gains against the US dollar and bitcoin. The XRP / USD could perhaps fall below $ 0.5100 provided it is less than $ 0.5500.
Price analysis of undulations
Yesterday we saw a fair recovery from a minimum of $ 0.5020 in Ripple's price against the US dollar. The XRP / USD pair is trading above the levels of $ 0.5200 and $ 0.5300. It even traded above the Fib retracement level of 23.6% of the last drop from $ 0.5936 upwards to $ 0.5023 below. However, the upward move was limited by $ 0.5450 and $ 0.5500 resistance levels (previous supports).
No 50% Fibre retracement test of the last decline was made, from $ 0.5936 upwards to $ 0.5023 below. The price is currently lowering from the $ 0.5420 level. More importantly, yesterday's key bearish trend line is intact with resistance at $ 0.5465 on the hourly chart of the XRP / USD pair. The resistance of the trend line and $ 0.5450 are close to the simple moving average over 100 hours. Therefore, if the price corrects higher, it could face many obstacles near the resistance levels of $ 0.5450 and $ 0.5500. Above $ 0.5500, the price is likely to visit the $ 0.5720 level and the Fib retracement level 76.4% of the last drop.
Looking at the chart, the price of ripple is clearly at risk of further losses towards the minimum swing of $ 0.5020. If sellers maintain control, there is a high probability of a $ 0.5000 support area test.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving further down the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the level 45.
Main support level: $ 0.5020
Main resistance level: $ 0.5500
