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Key points
- The ripple price is holding gains above the support level of $ 0.4700 against the US dollar.
- C & # 39; is a key uptrend line formed with support for $ 0.4800 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to accelerate gains once the $ 0.5000 and $ 0.5180 threshold has been exceeded.
The price of the ripple is traded in a bullish zone compared to the US dollar and Bitcoin. The XRP / USD remains well supported on the negative side near the $ 0.4800 level.
Price analysis of undulations
Recently, there was a decent support base formed near the $ 0.4500 level in ripple compared to the US dollar. The XRP / USD pair traded higher and broke resistance levels of $ 0.4800 and $ 0.5000. There was also a closing above the $ 0.4800 level and a simple 100-hour moving average. The buyers pushed the price above the $ 0.5100 level, which is a positive sign. A high was formed at $ 0.5183 and thereafter the price started a downward correction.
It fell below $ 0.5000 and the fiber retracement level of 23.6% of the last wave from $ 0.5480 low to $ 0.5183 high. However, there are many media on the negative side near the levels of $ 0.4820 and $ 0.4800. More importantly, there is a key trusting trend line formed with support for $ 0.4800 on the hourly chart of the XRP / USD pair. Support for the trend line is close to SMA at 100 hours at $ 0.4760. In addition, the Fib retracement level of 61.8% of the last wave from the low of $ 0.5480 to $ 0.5183 is close to $ 0.4810. Therefore, as long as the price exceeds the support of $ 0.4800 and the SMA at 100 hours, there may be further gains in the short term.
Looking at the chart, the price of ripple must break the $ 0.5000 and $ 0.5120 level to start a new bullish wave. The next major resistance is at $ 0.5250 and $ 0.5275.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slightly in the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is just below level 50.
Main support level: $ 0.4800
Main resistance level: $ 0.5120
