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Key points
- The ripple price is holding gains above the support level of $ 0.5100 against the US dollar.
- The important bearish trend line highlighted yesterday is intact with resistance at $ 0.5550 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could possibly break resistance levels from $ 0.5500 and $ 0.5550 in the short term.
The price of the ripple is placed in a positive zone with respect to the US dollar and Bitcoin. It is likely that the XRP / USD will exceed $ 0.5550 to test the resistance level of $ 0.6000.
Price analysis of undulations
There was a slight downward correction from the $ 0.5730 swing high in the Ripple price compared to the US dollar. The XRP / USD pair decreased and traded below the support level of $ 0.5400. There was even a break below the $ 0.5200 level and the simple 100-hour moving average. However, losses were contained in the support area of $ 0.5000. The price was reduced to $ 0.4968 and was subsequently recovered.
It traded above the fiber retracement level of 50% of the last decline, from $ 0.5739 to $ 0.4968 low. There was a reasonable upward move above the $ 0.5400 level and the 100-hour SMA. However, the upward move was limited by the $ 0.5550 level. More importantly, the important downtrend line highlighted yesterday is intact with resistance at $ 0.5550 on the hourly chart of the XRP / USD pair. Also the fiber retracement level of 76.4% of the last decline from the low of $ 0.5739 to $ 0.4968 is close to $ 0.5557. Therefore, an upward break above the resistance levels of $ 0.5500 and $ 0.5550 could open the door to further gains.
Looking at the chart, the ripple price is pleasantly traded above the $ 0.5200 support and the 100-hour SMA. The balances of $ 0.5150 remain supported and buyers may soon attempt to exceed $ 0.5500 in the short term.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly flat in the bullish zone.
RNA timetable (relative strength index) – The RSI for XRP / USD exceeds level 50 with positive signs.
Main support level: $ 0.5200
Main resistance level: $ 0.5500
