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Key points
- The price of ripple has recovered some points, but has faced sellers close to $ 0.5250 against the US dollar.
- C & # 39; is a short-term uptrend line formed with support for $ 0.5050 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could continue to consolidate beyond the $ 0.5000 support in the next couple of sessions.
The price of ripple is currently trading in a range against the US dollar and bitcoin. The XRP / USD must break resistance from $ 0.5200 to 0.5250 to move into a bullish zone.
Price analysis of undulations
Yesterday, we discussed that the price ripple could recover towards the $ 0.5200 level against the US dollar. The XRP / USD pair increased and eliminated resistance levels of $ 0.5100 and $ 0.5180. The upward move was positive as the price even exceeded the $ 0.5200 level and stood above the 100-hour simple moving average. However, the price yielded close to $ 0.5250 and the 50% retracement level of Fibre's last decline from the low of $ 0.5610 to $ 0.4860 fluctuated low.
The price exceeded $ 0.5253 and thereafter began a downward correction. It has moved below $ 0.5150 and the 23.6% retracement level of the recent wave, from $ 0.4872 down to $ 0.5253 up. The current price action is positive above the $ 0.5000 support area. C & # 39; is a short-term uptrend line formed with support for $ 0.5050 on the hourly chart of the XRP / USD pair. Furthermore, the 50% retracement level of recent wave fiber from the low of $ 0.4872 to $ 0.5253 is a support. As long as the price is above the trend line, $ 0.5000 and the 100-hour SMA, it could recover again.
Looking at the chart, the price of ripple is consolidating above the $ 0.5000 support. Most likely buyers will make another attempt to push the price above $ 0.5200 and $ 0.5250 in the short term.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is currently in the bearish zone.
RNA timetable (Relative Strength Index) – The RSI for XRP / USD is hovering near level 50.
Main support level: $ 0.5000
Main resistance level: $ 0.5250
