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Key points
- The price of the ripple has struggled to exceed the resistance area of $ 0.5700-0.5750 against the US dollar.
- There is a downtrend line formed with resistance at $ 0.5700 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could find a strong buying interest near the $ 0.5080 and $ 0.4920 levels in the short term.
The price of the ripple remains supported in the event of a decline compared to the US dollar and Bitcoin. XRP / USD could test $ 0.5000 and $ 0.4920 in which buyers are likely to emerge.
Price analysis of undulations
C & # 39; was an upward move from the low of $ 0.4360 oscillating in the price of Ripple compared to the US dollar. The XRP / USD pair eliminated the support area by $ 0.4500 and stabilized below the simple 100-hour moving average. The decline was such that the price tested the level of $ 0.4350. Low was formed at $ 0.4365 and the correct price higher. He rebounded above the $ 0.5000 level.
However, the upward move was limited by the $ 0.5700-0.5750 zone. There is also a large bearish trend line formed with resistance at $ 0.5700 on the hourly chart of the XRP / USD pair. The pair is currently running lower below the $ 0.5400 level. It exceeded the fiber retracement level of 23.6% of the last wave, from $ 0.4352 to $ 0.5742. On the negative side, there is a decent format support near the $ 0.5040 level. It coincides with the fiber retracement level of 50% of the last wave, from $ 0.4352 down to $ 0.5742 up. On the upside, a break above the $ 0.5450 level may require a resistance test of $ 0.5750.
Looking at the chart, the ripple price is placed in a bullish zone above the $ 0.5040 level. It could continue to rise towards $ 0.5750, beyond which the next target for buyers could be $ 0.5900.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving into the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently around level 50.
Main support level: $ 0.5040
Main resistance level: $ 0.5400
