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Key points
- The price of the ripple decreased recently and traded towards the level of $ 0.2910 compared to the US dollar.
- This week followed the main bearish trend line with resistance to $ 0.2975 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair has to break the resistance of $ 0.3000 and the simple moving average to 100 hours to get the traction.
The price of the ripple remains in a downward zone against the US dollar and Bitcoin. The XRP / USD could be traded higher once the threshold of $ 0.3000 and the 100-hour SMA were exceeded.
Price analysis of undulations
There was a slow and steady decline from the ripple price of $ 0.3178 compared to the US dollar. The XRP / USD pair declined and traded below support levels $ 0.3040 and $ 0.3000. A new intraday minimum was formed at $ 0.2912 and thereafter the price corrected some points. It has moved above the $ 0.3000 level and the simple 100-hour moving average. There was a break above the 23.6% Fibra retracement level of the recent decline from $ 0.3178 upwards to $ 0.2912 below.
However, buyers failed to cancel the resistance of $ 0.3060. There was not even a proper closing above the $ 0.3000 level and the 100-hour SMA. The price was rejected near the 50% Fibra retracement level of the recent decline from $ 0.3178 high to $ 0.2912 below. In addition, this week the main downtrend line followed with resistance at $ 0.2975 on the hourly chart of the XRP / USD pair. The pair is currently consolidating below $ 0.3000 and the trend line. A positive closing above $ 0.3000, the trend line and the 100-hour SMA are necessary for a new upward move.
Looking at the chart, the price of ripple could fall below $ 0.2912 and $ 0.2900 if buyers fail to push XRP over the 100-hour SMA.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving into the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently just above level 50.
Main support level: $ 0.2900
Main resistance level – $ 0.3040
