[ad_1]
Key points
- The price of the ripple is keeping the support area of $ 0.4600 without any downward pressure against the US dollar.
- C & # 39; is a short-term bearish trend line formed with resistance at $ 0.4850 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could retest the support level of $ 0.4600 or $ 0.4520 before a new upward move.
The price of the ripple is traded with a positive propensity towards the US dollar and Bitcoin. The XRP / USD did not decline more than 1% while the BTC / USD and Ethereum fell more than 10%.
Price analysis of undulations
There was a decent support base formed near the $ 0.400 level in ripple compared to the US dollar. The XRP / USD pair remained above the $ 0.4600 support and did not decline. On the other hand, bitcoin and Ethereum suffered strong downward pressure and both lost more than 10%. Recently, the XRP price has moved above the $ 0.4700 level and the 100-hour moving average.
Also, there was a break above the 50% Fibra retracement level of the recent decline from the low of $ 0.5206 to $ 0.4600 at the bottom. However, the upward move was limited by the resistance of $ 0.4950. It seems that the price has not managed to gain traction over $ 0.5000 and has declined. There was also a refusal close to the 61.8% Fibra retracement level of the recent decline from the low of $ 0.5206 to $ 0.4600 lower. More importantly, there is a short-term bearish trend line formed with resistance at $ 0.4850 on the hourly chart of the XRP / USD pair. Therefore, the price could correct lower towards the $ 0.4600 short-term support.
Looking at the chart, the price of the ripple is trading strongly above the $ 0.4600 support. If there is a short-term downward reaction, buyers may appear close to $ 0.4600 or $ 0.4520.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving into the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is struggling to break the 50 level.
Main support level: $ 0.400
Main resistance level: $ 0.5000
