The ripple price re-tested the $ 0.4250 support area at 0.4300 and rebounded against the US dollar. XRP / USD must clear the resistance zone of $ 0.4550-0.4660 for further gains.
Key points for discussion
- The price of ripple is facing a tough resistance near the resistance of $ 0.4550 and $ 0.4660 against the US dollar.
- C & # 39; is a short term The bearish trend line was formed with a resistance of $ 0.4460 on the 2-hour chart of the XRP / USD pair (Bitstamp data feeds).
- The pair must remain above the support levels of $ 0.4250 and $ 0.4300 to rise.  Corruption price forecast
Recently, the decline was slow and steady in the price of Ripple below the $ 0.4550 level against the US dollar. The XRP / USD pair tested a larger support area close to $ 0.4250-0.4300 and rebounded.
Looking at the chart, the price was traded above the resistance level of $ 0.4550 and surpassed the Fib retracement level of 23.6% of the last slide from $ 0.5235 swing to $ 0 , 4271 low.
However, the price was solidly close to the $ 0.4660 level. In addition, the price failed to exceed the barrier of $ 0.4550 and the 100 simple (2 hours) moving average. More importantly, no full 38.2% Fib retracement test was performed on the last slide from the low of $ 0.5235 to $ 0.4271 minimum.
The price has declined and has moved below the $ 0.4550 level. There appears to be a short-term bearish trend line formed with resistance at $ 0.4460 on the 2-hour chart of the XRP / USD pair.
Above the trendline, the 100-hour SMA is positioned at $ 0.4550. Therefore, there are many barriers formed for buyers near the $ 0.4550 level, the trend line and the 100-hour SMA.
Above $ 0.4550, the price must exceed the resistance of $ 0.4660 to gain bullish momentum. Above this, the price of ripple will most likely move towards the levels of $ 0.4800 and $ 0.5000.
On the downside, the recent low of $ 0.4271 is a crucial support. XRP / USD must hold above $ 0.4250 to start a decent recovery in the short term. Otherwise, it could decrease towards the $ 0.4000 support.
Market data is provided by TradingView.