Key Key Aspects
- The price of the ripple started a downward correction after trading up to $ 0.3581 against the US dollar.
- There is an uptrend line in place with support for $ 0.3410 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently testing the trendline and the $ 0.3400 support area with positive signs.
The price of the ripple is traded above the key supports against the US dollar and Bitcoin. The XRP / USD is likely to bounce back as long as it is above $ 0.3300 and $ 0.3310.
Support for price ripple
Yesterday, we saw a fair rise above the $ 0.3500 level in Ripple's price against the US dollar. The XRP / USD pair traded towards the $ 0.3600 level and reached a maximum of $ 0.3581. Subsequently, the price started a downward correction and moved below the $ 0.3500 level. There was also a break below the 38.2% Fib retracement level of the last rise from the low of $ 0.3189 to a maximum of $ 0.3580.
However, the price found a strong buying interest near the $ 0.3400 level. It is also a fundamental uptrend line with support for $ 0.3410 on the hourly chart of the XRP / USD pair. More importantly, the price is keeping the Fibre 50% retracement level of the last rise from the low of $ 0.3189 to a maximum of $ 0.3580. If the price breaks the trend line and $ 0.3400, it could test the simple 100-hour moving average at $ 0.3360. However, the most important downside support is $ 0.3300-0.3310, which was previously a resistance. Therefore, declines in current levels are likely to find support near $ 0.3360, $ 0.3310 and $ 0.3300.
Looking at the chart, the price of the ripple may decrease by some points to $ 0.3360 to complete the current correction. On the upside, initial resistance is close to $ 0.3500, beyond which the price could retest $ 0.3580.
Looking at the technical indicators:
MACD timetable – MACD for XRP / USD is slowly moving into the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is just above level 40.
Main support level – $ 0.3400  Main resistance level – $ 0.3500