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Key points
- The price of the ripple fell recently below the support of $ 0.4520 and exceeded $ 0.400 against the US dollar.
- There is a downtrend line formed with resistance at $ 0.4600 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could correct higher, but the previous support at $ 0.4520 can act as a resistance.
The price of the ripple failed to maintain gains against the US dollar and Bitcoin. The XRP / USD fell to $ 0.4000 and currently corrects higher.
Price analysis of undulations
Yesterday we saw how the price of ripple was resilient when the bitcoin dropped sharply against the US dollar. However, buyers gave up later, with a sharp decline below $ 0.4600 in the XRP / USD pair. The price fell below support levels of $ 0.4520 and $ 0.4400. He even broke the $ 0.4200 support and settled below the 100-hour simple moving average. Low was formed at $ 0.4011 and thereafter the price started an upward correction.
The price has recently moved above $ 0.4200 and the Fib retracement level of 23.6% from the last drop from $ 0.4933 up to $ 0.4011 at the bottom. However, there are many upside obstacles for buyers near the levels of $ 0.4480 and $ 0.4500. More importantly, previous support at $ 0.4520 will likely act as a strong resistance. Furthermore, there is a downtrend line formed with resistance at $ 0.4600 on the hourly chart of the XRP / USD pair. Therefore, if the price corrects higher than current levels, it may find a strong barrier close to $ 0.4520. Above $ 0.4520, the price could test $ 0.4720 and the SMA 100 hours.
Looking at the chart, the price of ripple seems to find a decent support near $ 0.4000. Therefore, the price could correct higher or consolidate in the short term above $ 0.4200 and $ 0.4300 before the next move.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
Relative Strength Index (RSI) – The RSI for XRP / USD has recovered above level 40.
Main support level: $ 0.4000
Main resistance level: $ 0.4520
